Between 2020 and 2030, total employment in the U.S. will grow by almost 12 million jobs, increasing to 165.4 million jobs, and representing the highest growth rate in the recent past. This higher-than-average growth will be largely due to the economic recovery from the pandemic-induced recession. Among the high-growth industries, healthcare support is expected to be one of the fastest-growing during this period.
Healthcare and Social Assistance Will Add the Most Jobs
The fastest-growing occupations will be in the social assistance and healthcare industry. Within healthcare, 3.3 million jobs will be created over the 2020/2030 period, according to the U.S. Bureau of Labor Statistics (BLS), with the most rapid increase in jobs from the family and individual services sector, representing a 3.3% growth rate.
What’s Driving the Demand for Healthcare Providers?
Factors that are projected to drive the enormous growth in healthcare jobs include the rising demand for healthcare for the aging baby boomers, an ongoing increase in the number of individuals with chronic conditions, and longer life expectancies.
Effects of the COVID-19 Pandemic on Labor Demands
A recent McKinsey & Company report similarly projects that the greatest increase in labor demand will be among health professionals, wellness occupations, technicians, and health aides. According to the report, the demand for STEM and healthcare occupations may grow even further because of the increased attention on health due to the coronavirus pandemic.
Employment Projection in the Healthcare Sector
According to the BLS, the following jobs will see significant growth by 2030:
- Nurses Practitioner – 45% increase will be undergirded by the demand for care services for the aging population, as well as increased focus on preventive care
- Home Health and Personal Care Aide – 33% increase as personal care and home health occupations is the sixth-fastest growing jobs in the U.S. There is a huge demand for paid workers in assisted-living communities, private homes, memory care centers, and nursing homes.
- Mental Health Specialist – 23% increase as the demand for mental health, behavioral disorder, and substance abuse counselors increases
- Respiratory Therapist – 23% increase to treat patients with lung and heart issues such as chronic obstructive pulmonary disease, asthma, pneumonia, emphysema, sleep apnea, and chronic bronchitis
Why Is Expertise in Insurance More Important Now Than Ever?
The COVID-19 pandemic presented many unique challenges for employers. For example, industries that previously had a relatively low-risk profile are now considered dangerous for workers. Additionally, workers in some industries, such as healthcare, retail, and mass transit, now have an essential-worker status.
Some states have also imposed presumption rules that transfer the burden of proof that coronavirus infections aren’t work-related to employers and insurers. This means employees can make claims even if they contracted COVID-19 outside of work; making the Workers’ Comp environment more complex than ever.
Interested in learning more? Contact our experts at PMC Insurance Group today.