Employment opportunities flourished in 2018, with 312,000 jobs added to the economy in December alone, the Bureau of Labour Statistics reveals. Job seekers looking for new opportunities this year will benefit from the same strong economic conditions. Experts advise now’s the ideal time to start looking for work before a slowdown potentially takes place. For the best chances of career success, college applicants or employees considering a career switch would be best advised to focus in on the top industries set to have a bright future ahead: big data, healthcare, and entrepreneurship.
The big data employment boom
We’re now in the era of big data — an umbrella term for the ever-growing large and complex data sets generated today. By 2020, the number of jobs for all US data professionals will increase from 364,000 openings to 2,720,000 according to IBM — a growth of 28%. Through big data, businesses can access massive databases for information on their customers, their competitors, and even themselves. Big data must be analysed and understood in order to gain useful insights and help businesses gain a competitive edge. In particular, the marketing and market research industries are being transformed by big data. The highest paying job in this field, however, is Data Scientist with a median salary of $130,000 for experienced applicants. Data Scientist jobs are challenging to fill — it takes five days longer to find qualified candidates than the market average. As such, employers pay successful applicants an impressive average starting salary of $80,265 — that’s $8,736 above median bachelor’s and graduate level salaries.
Number of healthcare jobs set to grow 18% by 2026
With an aging baby boomer population, it’s not surprising the healthcare industry is thriving. Healthcare job growth outpaced nearly every other major sector of the economy in 2018. Last year, the industry created an impressive total of 346,000 jobs — nearly 29,000 new jobs each month — up from 284,000 jobs created in 2017, according to Bureau of Labour Statistics. In particular, the 2018 figures include 219,000 new jobs in ambulatory services and 107,000 new hospital jobs. It’s important to note, however, that some healthcare jobs do have low wages (such as, nursing assistants and home health aids). Additionally, the possibility of the declining cost of healthcare may slash income for some doctors, hospital workers, and diagnosticians. However, the demand for nurses, optometrists, audiologists, dentists, physical therapists, and some doctor specialists remains strong. In particular, registered nurses can earn up to $33.55 per hour.
Lucrative industries for entrepreneurs and innovators
Whether budding entrepreneurs or innovators decide to start a business alone or team up with a partner, entrepreneurship provides lucrative possibilities for employment. A new report by Fundera has identified the top industries for entrepreneurs, which are most likely to be around in ten years, growing quickly, and generating strong profit. The list includes: finance (particularly fintech and cryptocurrency), consumer retail (particularly e-commerce and pop-up retailers), sustainable energy, and health (particularly biotech health and health data management). Unsurprisingly, the technology sector was number one on the list, with 135% forecast output growth. Innovators and entrepreneurs should focus on developing user-friendly technology which sets itself apart by increasing convenience for the customer.
Job seekers should always take into account the prospective growth, stagnation, or decline of a given industry on their career search. With such strong outlooks for entrepreneurship, healthcare, and big data, embarking on a career in these industries is a solid bet. Entering a career field set to experience growth into the future will lead to job security and future career success.