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By the beginning of 2021, more than 3 million people had permanently lost their jobs. Fortunately, the job market today is looking up. A 2022 release from the Bureau of Labor Statistics showed the number of available jobs has increased by 263,000, particularly within hospitality and healthcare.
Whether you're looking to advance in a current field, pursue a new career, or transition to a different role—as 21% of millennials already have—now is a great time to do so. Many industries are seeing an upward trend in employment and stability as the economic landscape strengthens. In some industries, the Bureau of Labor Statistics predicts rapid growth to continue over the next ten years.
Continue reading to learn the signs it's time for a change and 10 of the fastest-developing industries to look at in 2023.
8 Signs It's Time for a New Job
It's not always easy to know when to leave a job. Perhaps you've been in a specific role at your company for so long that you can't imagine being elsewhere. If this sounds familiar, there are some telltale signs to look for that suggest a company, role, or industry shift is a wise idea.
Some signs it's time for a change:
You want higher pay.
You need a better work-life balance.
You want to advance your career.
Your workload is unmanageable.
You wish to relocate or work from home.
Your current work culture or boss is toxic.
Communication from leadership is scarce or unclear.
You're under unreasonable pressure to meet deadlines.
A 2022 workplace report shows that 79% of employees globally are disengaged. The report states that the biggest cause of this is "unfair treatment at work." Fortunately, if this or other reasons for leaving a job resonate, the nation has blazed new trails of opportunity for anyone seeking new paths. According to the Bureau of Labor Statistics, there are over 10 million job openings.
10 Booming Industries to Watch in 2023
To meet emerging growth and replacement needs, the Bureau of Labor Statistics predicts about 1.9 million jobs to open within healthcare each year. While rising economic inflation could hamper employment, as a McKinsey report suggests, several other factors make this industry's trajectory promising. From the acceleration of value-based care, continued innovation, increased use of technology, and strengthening profitability, the future of the healthcare industry looks strong.
Growth Forecast
Summary: This industry includes positions within ambulatory services, home health services, outpatient care centers, physicians' offices, dental offices, hospitals, and nursing homes.
Revenue Growth Rate: The expected revenue growth rate is 14.77% ($28.77 billion) by 2027.
Employment Outlook: The BLS reports that hires in healthcare represented 3.4% of all new hires in October 2022. In November 2022, healthcare employment rose by 45,000, for an annual monthly average of 47,000 new hires for the year. This is a 19% increase in the annual growth rate from 2021.
The Top 5 Fastest-Growing Healthcare Careers
Personal Care Aide
2. Personal Care and Service
Many people rely on local salons for their haircuts, facials, and manicures, and demand for these services is increasing. The personal care and service industry is expected to add about 544,800 new jobs over the next ten years, as the Bureau of Labor Statistics predicts. According to GlobeNewswire, most of this growth comes from post-pandemic operational changes leading to an influx in more business and employment.
Summary: This sector refers to professional services in beauty, fitness, spa, counseling, and other related industries.
Revenue Growth Rate: The expected revenue growth rate is 4.64% from $528.6 billion by 2027.
Employment Outlook: A BLS News Report showed that 11,000 general personal service jobs were added in November, for an average of 15,000 new monthly jobs for the year. While this figure is down 3.1% from 2020, the BLS projects that personal care professions will increase 17.4% by 2028. Employment for barbers, hairstylists, and cosmetologists, for example, is expected to grow 11% by 2031.
The Top 5 Fastest-Growing Careers in Personal Service
Manicurists and Pedicurists
Mental Health Counselors
Substance Abuse and Behavioral Disorder Counselors
3. Travel, Leisure, and Hospitality
As disposable income and global connectivity increases, so do people's travel plans. By 2027, the travel and leisure industry is expected to account for $6,347.8 billion, according to GlobeNewswire. As more people spread out, living and working worldwide, the drive to explore new places and meet new people will continue to grow. A recent report states that Mexico is taking the lead in the North American solo travel market. This pattern will positively impact travel, leisure, and hospitality businesses.
Summary: Jobs within the arts, entertainment, historical sites, hotels, amusement parks, food service, and transportation fall under this general category.
Revenue Growth Rate: The expected revenue growth rate is 6.7% ($1,016 billion) by 2027.
Employment Outlook: Hospitality and leisure have added an average of 82,000 jobs per month, according to the Bureau of Labor Statistics. Employment in hospitality is still 5.8% lower than pre-pandemic, meaning there's still plenty of room for growth. Within air travel, flight attendant positions are expected to grow 21% until 2031, and pilot jobs are expected to grow by 6%.
The Top 5 Fastest-Growing Careers in Travel, Leisure, and Hospitality
Restaurant Cooks
Amusement and Recreation Attendants
First-Line Supervisors of Food Preparation
Restaurant and Lounge Hosts
4. Commercial and Residential Construction
Relatively low interest rates, rising disposable income, and improved access to credit have all been key factors in the growth of the construction industry. One report, in fact, expects the global construction industry output to increase by 42% by 2030 and even says that it is "set to be a global engine for economic growth and recovery from COVID."
Summary: This industry includes construction laborers and helpers for commercial and residential building projects.
Revenue Growth Rate: The expected revenue growth rate is 3.89% from $10.47 billion by 2025.
Employment Outlook: Commercial construction added 8,000 jobs in November, for an annual average of 19,000 jobs added per month for the year, according to a BLS report. Further insight from iProperty Management shares that the number of new houses being built is up by 36.8%.
The Top 5 Fastest-Growing Commercial Construction Careers
Wind Turbine Service Technicians
Solar Photovoltaic Installers
Logisticians
Radio, Cellular, and Tower Equipment Installers and Repairers
While the U.S. has faced the threat of losing its leading global position in manufacturing, market trends suggest a renaissance is on the horizon. The manufacturing industry has added 1.3 million jobs in the last ten years, and recent analysis from McKinsey predicts the U.S. GDP to increase by more than 15% over the next ten, too.
As Devon Bistarkey with the U.S. Department of Defense explains: "Advanced manufacturing is changing the nature of manufacturing—creating new, technically advanced and higher-paying positions. Today's factories are safe, bright, energetic technology hubs operated and managed by capable, educated individuals—a stark contrast to the depiction of the noisy and dark factories of the past."
Summary: This fast-growing industry would include professionals such as mechanical engineers, manufacturing managers, electricians, operations managers, and assembly team leaders. According to Apptree Staffing, these positions are also the highest paid.
Revenue Growth Rate: The expected revenue growth rate is 1.11% from $7.94 trillion by 2025.
Employment Outlook: Job growth in manufacturing has increased from 2021, going from adding 30,000 per month to adding 34,000 jobs per month.
The Top 5 Fastest-Growing Manufacturing Careers
Recycling and Reclamation Workers
Food Batchmakers
Packaging and Filling Machine Operators
Multiple Machine Tool Setters and Operators
6. Information Technology and Artificial Intelligence (AI)
As technology and innovation continue to advance, so do the IT and AI industries. To satisfy new technological needs and replace workers transitioning out of the field, the Bureau of Labor Statistics expects employment within information technology to grow 15% by 2031. Further, advancing retail, finance, healthcare, and manufacturing technologies are driving the need for machine learning and other AI models. A report expects AI to grow 38% each year from its current $93.5 billion market value.
Summary: This field includes positions such as machine learning engineers, software developers, robotics engineers, and business intelligence developers.
Revenue Growth Rate: The expected revenue growth rate is 7.10% ($1.57 billion) by 2027.
Employment Outlook: The Bureau of Labor Statistics predicts the growth rate for information technology and artificial intelligence specialists jobs to increase by 12.7% by 2028. This would mean about 37,000 open jobs in this field by that time. This is a much faster growth rate than all of the other occupations.
The Top 5 Fastest-Growing Careers in Technology and AI
Virtual Reality Developer
As construction and manufacturing increase and access to financing continues to be steady, jobs within financial services will remain firm. The 2022 Global Banking Annual Review by McKinsey highlights the financial services sector's economic resilience, despite recent "macroeconomic volatility." For banks, this meant achieving a 14-year high profitability record and a global revenue growth of $345 billion.
Summary: Positions in auditing, accounting, wealth management, and billing fall under financial services.
Employment Outlook: The number of job opportunities within the financial sector has increased and matched its 2021 average, with employment growth at about 12,000 per month. By 2031, this industry is expected to grow by 10%.
The Top 5 Fastest-Growing Careers in Financial Services
Financial Managers
Treasurers and Controllers
Insurance Sales Agents
Personal Financial Advisors
8. Human Resources
The field of human resource management continues to expand as business needs evolve. Growing companies and technological advancements drive the need for talented local and remote workers to be sourced, vetted, hired, and trained. Human resource managers and specialists manage employee benefits, update company documents, coordinate employee health insurance plans, and ensure safe and ethical company cultures.
Summary: This industry refers to human resource managers, human resource specialists, and other professionals working within HR.
Revenue Growth Rate: The expected revenue growth rate is 12.8% from $19.38 billion by 2030.
Employment Outlook: The BLS Occupational Outlook Handbook predicts human resource jobs to grow 7% by 2031, with about 16,300 new jobs opening each year as people retire.
The Top 5 Fastest-Growing Careers in HR
Human Resources Assistant
Human Resources Coordinator
Human Resources Administrator
9. Architecture
Experts at Glassdoor predict some architecture positions, like landscape architects, to decrease with the improvement of technology and computer-aided design tools. Other roles, however, like building inspectors, urban and regional planners, and construction managers, will grow with rising national and global construction needs. Data from Grand View Research predicts rapid urbanization and an increased interest in affordable housing architectural services to expand the architectural industry at a rate of 7.4% from $344.9 billion by 2030.
Summary: This industry refers to architect professionals who develop structures and systems.
Revenue Growth Rate: The revenue growth rate is 3.6% from $55.6 billion.
Employment Outlook: Architecture job openings are expected to grow by 3% until 2031, with an average of 9,100 new jobs added each year as people transition or retire.
The Top 5 Fastest-Growing Architecture Careers
Non-Landscape or Naval Architects
Transportation Engineers
10. Post-Construction Finishing Trades
As more residential and commercial buildings are built and renovated, the demand for post-construction contractors to finish the buildings is high. Trades like drywall and insulation contractors, painters, flooring contractors, and carpenters are increasingly needed for construction additions, repairs, and installations. Data from The Business Research Company expects the overall market size to increase to $2,112.71 billion by 2026.
Summary: These occupations finish a commercial or residential building once it's constructed. Painters, carpenters, electricians, and flooring contractors fall under this category.
Revenue Growth Rate: The expected revenue growth rate for carpenters is 0.4% from $41.2 billion; for electricians, it's 1.6% from $225.4 billion; and for painters, it's 3.8% from $18.6 billion.
Employment Outlook: Job growth in this field is expected to increase by 11.7% through 2026, according to The Business Research Company.
The Top 5 Fastest-Growing Contractor Careers
Heavy Equipment Operators
Preparing for Professional Growth
"Change is inevitable. Growth is optional."
If you feel fulfilled but want to advance, communicate that with your company's leadership. If you feel lost, however, learn how to find yourself by leaning into the Japanese concept of ikigai by asking yourself these four questions:
"What do I love?"
"What am I good at?"
"What does the world need?"
"What can I be paid for?"
Leaping into a new job or field can be intimidating. However, with business growth on the rise, 71% of employees believe that now is a good time to find a new job in the United States, according to the 2022 State of the Global Workplace Report. In fact, nearly 50 million people have switched jobs in the last year.
Tips for optimum job-hunting success:
Update your resume and have it professionally reviewed.
Research these and other growing markets.
Prepare for the top job interview questions in advance.
Read Take the Leap by Sara Bliss.
Consider getting new professional headshots taken.
Request recommendations and endorsements from LinkedIn connections.
Continue by reading, "Should I Quit My Job? 7 Reasons to Start Looking for a New Role."
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Home / Articles / A Guide to 10 of the Fastest-Growing Industries to Watch in 2023
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