IBISWorld Reveals 2008 Hot Job List
Los Angeles — April 1
College graduates beginning their careers this spring will find the job market offering a range of unique and highly rewarding employment opportunities, according to industry research firm IBISWorld Inc. As one of the nation’s most respected independent publishers of business intelligence research reports, IBISWorld announced its top 10 industry picks offering the fastest growing number of jobs and growth in wages. But to find these jobs, graduates will need to do their research.
“Rather than targeting the traditionally popular or ‘sexy’ industries, job seekers should investigate the industries forecast for strong employment growth and get ahead of the pack by targeting companies in those sectors now,” said George Van Horn, a senior analyst with IBISWorld. “Research really is the key. Last year’s top-performing industries could be next year’s slow movers, so knowledge is certainly power in today’s fiercely competitive and ever changing job market. We believe there are 10 standout industries that every graduate should investigate this year with VoIP on top of the list.”
VoIP to Create Jobs in 2008
The industry leading the way in terms of employment growth during the next few years will be Voice Over Internet Protocol providers (VoIP), according to IBISWorld, with average annualized jobs growth of around 19.4 percent through 2012.
“This is the result of significant revenue growth forecast for the same period, driving more organizations to enter the industry, which in turn will boost employment. And as an emerging telecommunications service,” said Van Horn.
“There still is a reasonable way for the sector to go as it gains greater consumer and business acceptance. The outlook is good, as household broadband penetration is still rising, facilitating greater use of digital services and helping improve the call quality of industry services.”
Fashion Design Services Offer Opportunities
Second on the 2008 hot jobs list is fashion design services. According to IBISWorld, opportunities for independent designers are expanding in response to the globalization of the fashion industry, as well as technological advancements in the industry.
“The ongoing trend of outsourcing discrete segments, or even total design contracts, to independent designers is boosting employment within what is typically a tough industry for jobs creation,” said Van Horn. He added, “Trailing the VoIP sector with employment growth predicted at 5.3 percent in 2008, the industry will still provide job growth far beyond many other segments despite difficult economic conditions.”
Bridge and Tunnel Construction Jobs to Grow
Third in line is bridge and tunnel construction with employment growth estimated at 5 percent in 2008, as a result of overall industry revenue climbing seven percent to $23 billion this year and by an anticipated 8.7 percent next year. As a result, industry employment will rise at least five percent in 2008 on the back of solid cyclical growth in the value of publicly funded bridge construction as the nation begins to repair and replace the countries aging infrastructure, not to mention new infrastructure to keep pace with traffic and rail demands around cities from coast-to-coast.
Physical Therapy Trending Up
Those seeking a stable career in a potentially lucrative industry should think about physical therapy, a career path that incorporates the fields of physical, occupational and speech therapy. Van Horn said physical therapy will drive job growth for years to come as aging baby boomers, as well as high school, college and professional athletes often require extended periods of therapy to recover from painful injuries.
“The Bureau of Labor Statistics claims jobs in these professions are set to increase at a much faster rate than the average for other occupations,” advised Van Horn. He added, “IBISWorld predicts that significant growth in demand for these occupations estimated to be about 4.9 percent could well result in labor shortages over the next five years, which may negatively impact the sector’s revenue growth by driving up wage costs.”
IBISWorld 2008 Adds Interior Designer Positions
“Employment in the interior design arena is growing, with interior designers experiencing strong demand as American households and small businesses are driving a relatively new but growing market,” said Van Horn. He added, “As a result, we see an annualized employment growth rate for this sector in the range of 4.5 percent now through 2012.
“Much of this growth will come from the hospitality sector, with designers being employed to remain competitive by redesigning and decorating hotels and restaurants.”
This trend can best be seen in Las Vegas, where the casinos and hotels are constantly expanding and reinventing their properties to keep visitors coming back year after year.
On the commercial side of the industry, corporate clients are seeking to rejuvenate their office spaces, retail stores and leisure facilities. Growth will also come from those looking to complete construction using environmentally friendly materials and designers promoting these services will reap rewards.
Home Offices Offers Savings for Employers and Employees
Other trends promoting growth in employment include the popularity of home offices, the move toward larger bathrooms incorporating luxury items such as saunas, exercise areas and media equipment, and technological advances such as home networking and other systems to support modern living.
Interior designs to accommodate an aging population will also be a source of growth for the industry with homes being built with stair lifts, elevators and wider doorways, all using low-maintenance materials.
Growth in Retirement Communities to Create Jobs
Looking ahead, IBISWorld also puts retirement communities near the top of the employment growth list for the years through 2013. The major driver behind this growth will be our aging population hiking up demand for medical services and assisted living or senior care facilities, including accommodation for the aged and other health care services.
“Therefore, those whose employment involves caring for the elderly are unlikely to be out of a job over the next few years,” said Van Horn. “This segment will generate increased employment by 4.5 percent to service an ever-increasing number of the aged, the U.S.’ fastest growing population segment.”
Ambulance Services and Ambulatory Health Care Services
“The ambulance services industry is employing greater volumes of staff to meet the increasing demand for their services driven by changes in the delivery of health care, an aging population and people insisting upon a heightened level of emergency response,” said Van Horn. “The result will be employment growth in the range of four percent. Other ambulatory health care services will also experience good employment growth of about 3.9 percent in 2008 and in the years ahead.”
IT Support, CRM and Business Process Services
“While growth in the IT support, CRM and the business process services sector will not attain the dizzy heights of the past decade, employment growth is still expected to remain solid at around 4 percent a year,” said Van Horn. “The outsourcing of jobs to Asia is a primary factor in the slower employment growth rate for this industry
Open-End Investment Funds
Last in IBISWorld’s list of “top 10 industries for employment growth” is expansion in the number of open-end investment funds with a growth rate of 3.9 percent expected in 2008 following consistent returns over the past four years. This is a result of an increase in mutual funds, as well as additional enterprises within the field in recent years. IBISWorld believes any growth in mutual funds will be driven by “alpha” type funds which attempt to outperform traditional indices.
Show Us The Money
For graduates who will be choosing careers based on salary, Van Horn said that Voice Over Internet Protocol Providers (VoIP) would easily outpace all other industries, with average annualized growth in wages set to hit 21.8 percent, an impressive 16 percent ahead of its nearest competitors.
The average annual wage for full-time employees in the U.S. is currently $44,148, with IBISWorld earmarking growth of about 2.5 percent a year for the next five years.
Fashion Design Services, Social Advocacy Organizations and Laboratory Testing Services
Other industries with wages growth likely to exceed 5 percent in coming years include: fashion design services (5.6 percent), social advocacy organizations (5.1 percent) and laboratory testing services (5 percent).