• There will be rapid change in the U.S. job market by 2030 as Baby Boomers retire, according to a new Bureau of Labor Statistics projection.
• Healthcare continues to be the fastest-growing industry.
• There will be fewer CEOs, too.
The Bureau of Labor Statistics (BLS) shared a new jobs report, and it’s not pretty.
The prediction suggests there will be rapid changes that stunt employment growth — eliminating some roles that took off during tech’s continued rise — while participation in the job market declines as Baby Boomers retire.
Despite early recovery efforts from the COVID-19 pandemic, the U.S. is expected to add only 11.9 million jobs by 2030. That number also accounts for jobs recovered due to the pandemic; just 2.6 million new jobs will be added, fewer than in previous decades.
Labor participation expected to decline
Anticipating a massive retirement wave from Baby Boomers, the BLS projections found that the labor force participation rate (the active workforce) is expected to drop to 60.4% in 2030, down from 61.7% in 2020.
There will be a continued decline in men’s participation, and a slight decline among women, which is caused by the fact that all Baby Boomers will be at least 65 years old by 2030.
The fastest-growing jobs
Low-paying work, such as home health or personal care aides, will grow the most by 2030, according to the report.
This sector has been some of the most in-demand work due to the pandemic, and the growth is not unexpected. Similarly, other health care professions like nurse practitioners, physician assistants, and health service managers are expected to rise by at least 40% (see our listings for jobs in the $100,000+ category).
Technology and clean energy will also be the industries amongst the bigger risers. Information security analysts are expected to grow by nearly 50% by the end of the decade, while data science and statisticians will grow 19.8% and 14.9%, respectively.
Solar photovoltaic installers — people who install solar energy — and wind turbine service technicians ranked at the bottom of the top 10, although these two jobs were two of the three least lucrative careers.
Don’t be shocked to see fewer chief executive officers by 2030.
The BLS projections see a 5.7% drop in the number of CEOs by the decade’s end. Bloomberg reported that’s because an increasing share of the economy is being run by larger operations, which have caused changes to how organizations are structured.
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