Health Sector to Spur Job Growth in Coming Decade
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What is the main topic discussed in this episode?
This is Your Money Matters from The Wall Street Journal. Welcome. I'm Tanya Bustos reporting from the newsroom in New York. And there is a lot of talk about jobs growth in the coming decade.
What job growth projections does the Labor Department report predict for health care by 2026?
Of all the industries, health care is projected to add more jobs than any other sector. According to a report released Tuesday by the Labor Department, health-related jobs in areas such as home health care and hospitals will grow by 3.7 million jobs by 2026. Let's get the latest. Joining us now, patching in from D.C., is Wall Street Journal reporter Sharon Nunn. Welcome. Hi, Tanya. Thanks for having me.
Why are baby boomers driving demand for more health care workers?
Healthcare will add more jobs than any other sector in the coming decade. First off, what is the driving force behind that?
Yeah, of course. I mean, so for a while, just for a little background, analysts and economists have predicted that this would happen, that the healthcare field would drive jobs growth. And the reason this is the case is because baby boomers are the nation's second to largest demographic group. There's about 74 million of them out there as of 2016 via the Census Bureau. And so they're getting older, they're retiring, they're beginning to face the health challenges that the elderly typically experience. So that means caretakers, nurses, and doctors, and other support tech that help them.
Whenever the subject of jobs comes up, there's a lot of talk about automation and, of course, then manufacturing.
Which specific health occupations (home health aides, nurses, doctors) will see the most growth?
What is the latest on the general projections for that sector?
Yeah, the manufacturing industries will lose about half a million jobs. Sadly, I don't think a lot of people are surprised to hear that. A little bit of it does have to do with offshoring. There are countries where labor laws are less stringent, where they can pay people a cheaper wage. And so corporations, of course, who are producing goods find it economically more beneficial to move those low-value added manufacturing jobs to different countries. Now, automation is actually largely driving this trend of our country losing manufacturing jobs. And I say that because American manufacturing output has actually grown in the past three decades. So we are actually producing more stuff here domestically.
We just don't have people doing it. Machines are doing it.
And where is it happening? Where are we seeing this manufacturing in the U.S. ?
Right now, the U.S. is mostly producing sophisticated goods. So think of things like aerospace, defense, energy-related products. But someone also spoke to another economist, said that countries like China are aiming to produce those kinds of sophisticated goods as well, rather than just the clothing, toys, or lower-level products that we typically think of China and Brazil and India producing.
We're speaking to The Wall Street Journal's Sharon Nunn about how health care will drive jobs growth in the coming decade. You're listening to Your Money Matters from The Wall Street Journal. Thanks for joining us. So, Sharon, to expand a bit more into the broader landscape, what other industries are projected to see growth in 10 years?
Yeah, another fast growing industry, and it tends to be in the top 10 or top 20, is the food services and drinking places industry, you know, Starbucks, other big name brands like that, McDonald's, those kinds of things. Those jobs will continue to grow as different enterprises and restaurants and coffee shops expand out to areas they hadn't been before. And we can also expect to see a boost in construction jobs. Again, as the economy grows, people want homes, they want to fix roads on the state and local level. So we can expect that to increase as well.
Very good. There's a lot to keep our eyes on. Sharon Nunn, thanks very much. Thank you for having me. For more on Wall Street Journal reporter Sharon Nunn's article, you can head to wsj.com. This has been Your Money Matters. I'm Tanya Bustos reporting from the newsroom at The Wall Street Journal. Is Alexa part of your life? Then make Your Money Matters part of your flash briefing on the Amazon Echo. The Wall Street Journal.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:04–0:15
2
What job growth projections does the Labor Department report predict for health care by 2026?
0:15–0:37
3
Why are baby boomers driving demand for more health care workers?
0:37–1:22
4
Which specific health occupations (home health aides, nurses, doctors) will see the most growth?
1:22–3:50
Speakers
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