The good news is that people here in the United States are living longer. Yay…life! And that coupled with some serious growth in medical spending (I mean, just look at pharmaceutical advertising these days) is driving the healthcare field to new heights. In the last quarter, for the first time in history, healthcare has surpassed manufacturing and retail, the most significant job engines of the 20th century, to become the largest source of jobs in the U.S.
According to a recent article in The Atlantic, “In 2000, there were 7 million more workers in manufacturing than in healthcare. At the beginning of the Great Recession, there were 2.4 million more workers in retail than healthcare. In 2017, health care surpassed both. By 2025, one-quarter of the workforce will be older than 55. That share will have doubled in just 30 years. But the most obvious effect of an aging country is that it needs more care—and that means more workers.”
And the future looks equally bright for the healthcare industry. Of the 10 jobs that the Bureau of Labor Statistics projects will see the fastest percent growth in the next decade, five are in healthcare and elderly assistance. The two fastest-growing occupations—personal-care aides (who perform non-medical duties for older Americans, such as bathing) and home-health aides, (who help the elderly with medical care)—are projected to account for one in every 10 new jobs in that time. The entire health-care sector is projected to account for a third of all new employment. Wow!
Of course healthcare insurance is also a great deal more exciting (and confusing) than ever before, but it remains a core piece of any company’s employee benefits strategy. To rule it, you need to really understand it and THAT’S where my team of health insurance and employee benefits experts comes in! Call on us, anytime!
Health Care Just Became the U.S.’s Largest Employer