By: U.S. Career Institute
May 2023
Which industries will grow the most over the course of the next decade, and which industries will be declining at a rapid pace? According to Bureau of Labor Statistics data collected by our research team, industries in the leisure and hospitality sector and the health-care and social assistance sector are projected to have the biggest increase in employment in the U.S. between 2022 and 2032. The data also showed that certain manufacturing industries are projected to have the largest decreases in employment numbers during this time. The U.S. Career Institute research team visualized the 20 fastest-growing industries and the 20 most rapidly declining industries to determine the types of jobs that will be in demand over the next decade. Our team included a handful of jobs that are commonly found in each of the 20 fastest-growing industries in the United States in the hopes of aiding our readers with the tough decision-making process of choosing the best career path. Choosing to pursue a career in one of the fastest-growing industries is a great choice for job security!
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What Is the Fastest-Growing Industry?
The fastest-growing industry is promoters of events and agents and managers for talent. This industry is projected to see a 39.2% increase in employment between 2022 and 2032. Other industries within the arts and entertainment field that are also projected to be some of the fastest-growing industries in the U.S. are performing arts companies, with a projected growth of 34.6%, and jobs in the sports industry, with a projected growth of 30.6%. Jobs in the music industry, including independent artists, writers, and performers, are projected to increase 23% over the next decade. These industries also fall under the broader sector of leisure and hospitality, which is the fastest-growing sector overall. Seven of the 20 fastest-growing industries fall under this sector, which also includes amusement parks and arcades, accommodation, and museums, historical sites, and similar institutions. There are a wide variety of entertainment industry jobs and hospitality industry jobs to choose from with varying degrees of education and talent needed. Those interested in a career in the fastest-growing industry can pursue a degree in marketing to become a promoter or earn a degree in business management to become a talent agent or manger.
Industries in the health-care and social assistance sector are also projected to see a lot of employment growth through 2032. Individual and family services are the fourth fastest-growing industry overall, with a 31.4% projected increase in employment through 2032. Career options for this fast-growing industry include jobs as social workers or child day-care specialists. Other health-related industries that will see a large expansion in employment include home health-care services, which will increase 21.8% due to our aging population, making being a caregiver a great career option in this growing industry. We will also see an influx of offices of health practitioners; earning a degree in medical specialties is a great way to prepare for one of the many in-demand health-care careers that will become available as jobs in the health-care industry continue to grow.
The 10 Fastest-Growing Industries and the Projected Increase in Employment From 2022 to 2032
- Promoters of events and agents and managers: 39.2%
- Amusement parks and arcades: 37.5%
- Performing arts companies: 34.6%
- Individual and family services: 31.4%
- Support activities for mining: 30.6%
- Spectator sports: 30.6%
- Other information services: 29.8%
- Other personal services: 27.8%
- Travel arrangement and reservation services: 23.4%
- Support activities for agriculture and forestry: 23.0%
Which Industries Are Declining the Fastest?
The most rapidly declining industry is the tobacco manufacturing industry, which is projected to see a 53.3% decrease in employment between 2022 and 2032. The number of cigarette smokers in the United States has reached a new low; just 11% of adults in the U.S. smoke cigarettes. This rate has been on the decline for the past two decades and is expected to continue declining. Manufacturing industries were the most common ones to be found in the top 20 list. Jobs manufacturing products like tobacco, leather, electric lighting, and textiles are on the decline, and the number of jobs in the manufacturing industry is expected to see a large drop in the next decade.
The 10 Most Rapidly Declining Industries and the Projected Decrease in Employment From 2022 to 2032
- Tobacco manufacturing: -53.3%
- Manufacturing and reproducing magnetic and optical media: -50.4%
- Apparel, leather, and allied product manufacturing: -35.7%
- Printing and related support activities: -26.3%
- Coal mining: -26.0%
- Newspaper, periodical, book, and directory publishers: -24.3%
- Satellite, telecommunications resellers, and all other telecommunications: -21.6%
- Cable and other subscription programming: -21.2%
- Other furniture-related product manufacturing: -20.3%
- Engine, turbine, and power transmission equipment manufacturing: -17.0%
Starting a new career doesn’t have to be a daunting task. Take the first step toward a new career today by earning a degree or certificate online at home and at your own pace. Our catalog of online college courses and online certificate programs cover a variety of different careers commonly found in the industries that are projected to grow the fastest over the next decade.
