Employment forecast suits region

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from Geoff Homer
Research Analyst
Jones Lang LaSalle

I just came across a slideshow on Boston.com that detailed the U.S. Bureau of Labor Statistics’ projections of the 30 fastest-growing careers. The data, which is updated every two years, shows that the total number of people employed in the US will increase by 10.1 percent by 2018. This translates into an addition of 15.3 million jobs.

The list is interesting to say the least. The majority of careers do not involve office-using occupations. A significant portion were careers in industries related to personal fitness and hygiene, such as fitness trainers, physical therapists, home care aides, and dental hygienists. While this is a positive trend and makes me feel better about my well-being, as a real estate professional it is cause for concern because of the limited number of office jobs.

Locally, Greater Boston should be OK as the list included a number of careers in industries which have a strong presence here. Three of the top ten fastest growing careers were in the biotech industry, which is dominant in Cambridge, MetroWest, and perhaps soon the South Boston Waterfront.

The number one fastest growing career is for biomedical engineers. It is expected to grow 72.0 percent by 2018. Just behind it were careers as a medical scientist and biochemist/biophysicist, which are expected to grow by 40.4 percent and 37.4 percent respectively. The number two career, a network systems and data communications analyst, which is expected to grow by 53.4 percent, also has a foothold in the region.

-Geoff

One thought on “Employment forecast suits region

  1. John Avault

    You’re right about the forecast and the future being good fits for the Boston economytsimpend, Geoff.
    The Industry Forecast that accompanied the BLS Occupation Forecast sees strong growth ahead for Boston’s Professional & Business Services sector, the backbone of our office market. You might be cheered to see what this BLS forecast and a recent 5-year forecast from the New England Economic Partnership say about Boston, in the recent BRA Research report: http://www.bostonredevelopmentauthority.org/PDF/ResearchPublications//TheBostonEconomyin2010.pdf
    /John Avault, Chief Economist

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