Industry News

New Employment Trends

September 18, 2007
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A new report by an independent industry research firm identifies new employment trends and indicates strong job growth rate in various industry markets. According to the report, in 2006, water well drilling contractors saw a 9.1 percent job growth rate.

IBISWorld, an independent publisher of industry research covering more than 700 industry sectors, has issued a new report, identifying new employment trends in many of the country's traditional industry sectors, as well as in new industries that did not exist 10 years ago.

"In today's dynamic and ever-changing economy, even many of the old industry sectors are now changing at warp speed. They have to be agile in order remain competitive," says Harvey Jones, executive vice president for IBISWorld. "The ability to be agile is creating excellent opportunities for some industries to attract not only freshly minted college graduates, but seasoned workers who may be looking for a dramatic career change as well," notes Jones.

"The changes we are seeing in many industry sectors present a unique opportunity for Americans to reinvigorate their careers," says Jones. "As of May 2007, we are talking about half the American population – 152.8 million people (age 16 and over) who comprise the nation's labor force. This includes 82.1 million men and 70.7 million women."

"Even with unemployment comfortably low in the U.S., the job market is changing," says Jones. "There are now incredible job opportunities in new industry sectors that are growing at astonishing rates.”

Among the top 20 industry sectors that created the most new jobs in 2006, bridge and tunnel construction ranked ninth on the list with 11.6 growth. Importantly, water well drilling contractors ranked 10th with a 9.1 percent job growth rate, and mining and oil and gas field machinery manufacturing was 16th on the list with an 8 percent job growth rate. Topping the list are broadband providers and various manufacturing sectors.

While many Americans are concerned about jobs being outsourced to China or India, the data shows that there is steady growth in jobs in the United States, and we are keeping pace – and even growing. The report looked at industry sectors that grew the most over the past five years. Remediation services, ranked 14th in the field of 20, saw an 8 percent growth.

In 2005, the employment rate improved from 5.5 percent to 5.1 percent. Over 2006, the employment rate continued trending down recording a fall of 0.5 percentage points to a record of 4.6 percent over the year. IBISWorld reports employment figures will remain fairly steady, and forecasts the unemployment level in the United Sates to improve even more to 4.4 percent in 2007 or 2008, as the economy bounces back during the next 18 months.

"By any measure, the American labor force is poised for significant opportunities for positive employment, with both old and new job classifications, and will likely experience a sense of financial security as the country's job market continues to evolve," says Jones. "Between now and 2012, the opportunities are certainly there for the taking. And that is something the American worker can truly celebrate."

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