The Growth of the Healthcare Industry
A quick visit to the U.S. Bureau of Labor Statistics reveals that healthcare is the fastest growing industry in the United States. Of course, the hard data is based off a poll taken in 2006; but since then, there was a prediction of 3 million more jobs by 2016, and that prediction has not been let down thusfar.
News from all over praises the overwhelming success of healthcare in 2006, when the recession was first starting to real its ugly head. After pointing out the 1.7 million jobs healthcare created between 2001 and 2006, Business Week quoted:
If you really want to understand what makes the U.S. economy tick these days, don’t go to Silicon Valley, Wall Street, or Washington. Just take a short trip to your local hospital. Park where you don’t block the ambulances, and watch the unending flow of doctors, nurses, technicians, and support personnel. You’ll have a front-row seat at the healthcare economy.
So things were great in 2006. Well, in 2008, Beyond.com–one of the world’s largest network of industry jobs–released a report on the occupations being listed the most in the third quarter of the 2008 economy. Sales was a bolsterous 11.65%, clerical 7.92%, accounting and finance 7.07%… and then there was healthcare. Healthcare made 12.92% of the total jobs available on the market.
Beyond.com explains their theory on why healthcare is so successful:
Job growth in the healthcare industry may even be a side effect of the failing economy. Research has shown financial concerns during recessionary times often lead to increased stress, depression and mental illness that require treatment at a time when some people can’t afford health insurance or take preventative measures. These factors, in addition to the aging population, the ongoing nursing shortage and growth of outpatient services requires an increased number of healthcare professionals to keep up with the growing demands of the population.
In 2009, The Wall Street Journal released an article discussing how 2 million jobs have been lost in the failing economy–and yet, healthcare alone added 30,000 jobs. The Bureau of Labor Statistics news just this last March verifies how well healthcare is doing, when everything else seems to be moving downhill.
What does all of this mean? For prospective college students and future job seekers, an obvious green light into a thriving, expanding, secure job market: into the healthcare industry.
