This post is in partnership with 24/7 Wall Street. The article below was originally published on 247wallst.com.
By Robert Serenbetz
After the recession wiped out millions of jobs, the American labor market has at least partially recovered. So far this year, the United States has added roughly 1.6 million jobs. And in the 10 years through 2022, the BLS estimates that employment will grow by over 15 million jobs, or by 11%.
Some jobs are expected to better capitalize on economic, demographic, and workplace trends than others. For example, industrial-organizational psychologists are expected to grow 53.4%, the fastest in the nation, and occupations in the health sector are also anticipated to disproportionately grow. Based on estimated employment figures and projections for 2012 and 2022 published by the Bureau of Labor Statistics (BLS) for more than 1,000 occupations, 24/7 Wall St. identified the fastest growing jobs in America.
The jobs with the largest expected growth are often those that benefit from America’s changing demographics. In an interview with 24/7 Wall St., Martin Kohli, chief regional economist for the BLS, noted that the effects of an aging population, which has access to Medicare, “combined with innovations that provide new treatments” has led to increases in health care spending. In turn, more spending creates “a high demand for jobs to provide these services,” he added.
In fact, the average of all health support occupations is expected to grow 28% by 2022. Six jobs within the top 10 are in the health care sector.
Some of the fastest growing jobs are expected to receive a boost from economic trends. For example, the BLS expects that a continued economic rebound will lead to greater demand for construction and renovations. While construction laborers and helpers are expected to grow 25%, jobs such as masons’ helpers are expected to grow at a considerably higher rate of 45%.
Government and private sector initiatives are also expected to contribute to growth in specific occupations. New federal health care legislation is expected to increase access to health care and, in turn, to the scale of the health care industry. Meanwhile, mechanical insulators are expected to benefit from an increased focus on environmental sustainability.
Most of the occupations with the highest estimated growth rates are not especially large. Only two occupations, home health aides and personal care aides, are estimated to be among the larger jobs by number of people employed in 2022.
There does not appear to be wage or educational trends among the jobs with the largest growth rates. These occupations all have various levels of median wage as well as differing educational requirements.
To determine the jobs with the highest forecast rate of employment growth, 24/7 Wall St. reviewed BLS Employment Projections program data for 2012 and 2022. In order to qualify, occupations needed to reference a specific job rather than a broader classification. Figures from the BLS for 2012 represent estimates, while figures for 2022 represent forecasts and may be revised. Further information on each occupation came from the BLS’ Occupational Outlook Handbook.
These are the fastest growing jobs in America.
1. Industrial-Organizational Psychologists
> Pct. change in employment 2012 – 2022: 53.4%
> Number employed, 2012: 1,600
> Number employed, 2022: 2,500
> Median annual income: $83,580
> Educational qualification: Master’s degree
Industrial organizational psychologists are anticipated to be the fastest growing job in the U.S. in the 10 years through 2022. The BLS estimates that in the 10-year period through 2022, employment of industrial-organizational psychologists will rise more than 53%, dramatically higher than the growth rates for all jobs and for other psychologist professions. The use of psychology is expected to increase across the nation as individuals and institutions look for help in solving or managing problems. Industrial-organizational psychologists address issues relating to workplace productivity, organizational developments, and employee screening. Becoming an industrial-organizational psychologist typically requires a master’s degree, as well as an internship or residency. Despite the forecast growth rate, the actual number of jobs expected to be added is very small — just 900 by 2022.
2. Personal Care Aides
> Pct. change in employment 2012 – 2022: 48.8%
> Number employed, 2012: 1,190,600
> Number employed, 2022: 1,771,400
> Median annual income: $19,190
> Educational qualification: Less than high school
Similar to home health aides, personal care aides provide individualized home health services to elderly clients living at home. However, personal care aids are restricted to providing only basic medical services and will often work in conjunction with nurses or social workers. The BLS expects that over 580,000 jobs for personal care aides will be created in the decade through 2022, the most out of any of America’s fastest growing jobs. Yet, the median annual wage for personal care aids was just $19,910 as of 2012, well below the nationwide median of $34,750 for all occupations.
3. Home Health Aides
> Pct. change in employment 2012 – 2022: 48.5%
> Number employed, 2012: 875,100
> Number employed, 2022: 1,299,300
> Median annual income: $20,820
> Educational qualification: Less than high school
An aging population will likely result in a greater need for home health aides, who provide individualized daily client care. The number of such aides is expected to grow by over 48% in the 10 years from 2012 and become one of the most commonly-held jobs by 2022. Home health aides typically work for a medical institution and keep a record of services performed and the client’s conditions, in addition to providing home care and companionship. For elderly clients, home health care is increasingly popular because it offers a “less expensive alternative to nursing homes or hospitals,” the BLS notes.
4. Mechanical Insulation Workers
> Pct. change in employment 2012 – 2022: 46.7%
> Number employed, 2012: 28,900
> Number employed, 2022: 42,400
> Median annual income: $39,170
> Educational qualification: High school diploma
While the BLS forecasts above average growth in construction employment, the estimated growth rate of mechanical insulation workers is projected to be more-than twice that, at 47%. Unlike other types of insulators, mechanical insulation workers require greater specialty given the challenges of applying insulation to pipes and ducts in all types of buildings. Increased emphasis on energy efficiency will result in growing demand for mechanical insulation workers instead of non-mechanical insulation workers.
5. Interpreters and Translators
> Pct. change in employment 2012 – 2022: 46.1%
> Number employed, 2012: 63,600
> Number employed, 2022: 92,900
> Median annual income: $45,430
> Educational qualification: Bachelor’s degree
The BLS pointed to increased globalization and greater diversity within the United States as the primary driver of growth for the profession. Although computers have greatly increased the efficiency and productivity of interpreters and translators, technology cannot provide the specific nuances of human translation. Demand will likely remain strong for frequently translated languages, but most growth will likely be due to greater need for translators in American Sign Language and emerging market languages. According to the BLS, “growing international trade and broadening global ties” will create new jobs for interpreters and translators.
For the rest of the list, please go to 24/7WallStreet.com.