A recent report published by the Bureau of Labor Statistics estimates that the U.S. will add roughly 20 million new jobs by the year 2020 – a nearly 14% annual rate of growth in new jobs over the next decade. Given a historic growth rate of 6% over the last century, 14% is an astounding number. However, just a handful of job sectors will account for more than 50% of all new jobs created. Estimates indicate that careers in healthcare, construction, professional and business services, and social assistance alone will account for over 10 million of the 20 million news job created.
In addition to 20 million new job openings, another 30 million jobs will be created over the same period as workers retire and leave the labor force. What’s more interesting is of the top five fastest-growing occupations of 2020, many don’t even require a college degree. Notwithstanding, earning a college degree or higher is a good predictor of a workers future career success. Even though several of the top careers of 2020 don’t require degrees, many of the “driver” careers do. Driver careers are those careers in high-skill sectors of the local economy that support economic growth – and these careers are increasingly requiring advanced training and higher education.