It should come as no surprise that the Healthcare Services and Technology industries will drive jobs growth for the foreseeable future. We examined figures published by the Bureau of Labor Statistics which we believe are directionally correct even through we do not completely agree with BLS data classification methodologies.
- Non-hospital Healthcare services (shaded in yellow) are expected to employ approximately 8 million people by 2029 with the fastest aggregate jobs growth rate among the sectors reported by the BLS.
- Computer Systems Design and Technical Consulting (shaded orange) are expected to employ approximately 4.6 million (5 million if you include software publishers) by 2029. We believe this category’s figures are understated because many companies outside of the Technology industry employ technical people, yet under the BLS’ methodology those people are included in the jobs count for the industry in which their employer is classified. For example, the Insurance industry over the past decade has hired thousands of software engineers and data scientists to build in-house predictive analytics capability. Those employees appear in the “Insurance” job count rather than in “Computer Systems” or “Software”.
- Our view is that home health care services, outpatient centers and other non-hospital healthcare providers will increasingly leverage in-house and off-the-shelf technology products in their respective service delivery models. Thus “Technology-Enabled Services” is a more accurate “parent” descriptor for these businesses (regardless of industry vertical) with “Healthcare”, “Insurance”, “Consumer Banking” etc. the “child” descriptor. Click the table below to expand the view or download the image.