WASHINGTON — Since the end of the recession in 2010, the U.S. economy has added more than 16 million new jobs. The expansion of the labor market that began during the Obama administration is continuing under Trump, although overall, things could be slowing down a bit.
According to the U.S. Bureau of Labor Statistics, total nonfarm payroll employment increased by 156,000 in August, falling short of expectations that were closer to 200,000. For perspective, 176,000 jobs were added in August of 2016.
The August 2017 numbers put year-over-year growth at just over 2 million jobs – a reasonable annual growth rate of 1.45 percent, but lower than the 1.74 percent seen during the same time last year.
Despite slower than expected growth nationally, certain industry sectors are faring far better than the average. To figure out which industries are growing the fastest, analysts at business research firm LimeLeads used the most recent BLS report to calculate growth rates for every industry. From healthcare services to mining, the industries below are growing at rates between two and thirteen times the national average.
LimeLeads aggregates business data across more than 40 industries. Using BLS data from August 2016 to August 2017, its research team identified industries with the greatest year-over-year, seasonally adjusted employment growth rates. Only non-farm employees were considered, and industries employing fewer than 250k individuals as of August 2017 were filtered out. The data was pulled on September 7, 2017 and originally posted on the LimeLeads blog.
Here are the top 10 fastest growing industries in America:
10. Ambulatory Health Care Services
Difference from National Average: 2.1X
Jobs Added: 222,100
Total Employment: 7,335,400
Annual Growth Rate: 3.1 percent
Ambulatory Health Care Services (AHCS) is a subset of the larger Education and Health Services industry. This sector generally includes medical professionals who treat patients on an outpatient basis, such as physicians, dentists, diagnostic laboratories and home care workers. AHCS added 222,100 new jobs, bringing its total employment number to 7,335,400 – an increase of 3.1 percent.
9. Warehousing and Storage
Difference from National Average: 2.2X
Jobs Added: 30,300
Total Employment: 951,000
Annual Growth Rate: 3.3 percent
Warehousing and Storage is a subset of the larger Transportation and Warehousing industry. Companies in this sector are primarily engaged in operating warehousing and storage facilities for general merchandise, refrigerated goods, and other warehouse products. This sector added 30,300 new jobs, bringing its total employment to 951,000 – an increase of 3.3 percent.
8. Administrative and Support Services
Difference from National Average: 2.3X
Jobs Added: 291,300
Total Employment: 8,917,500
Annual Growth Rate: 3.4 percent
Administrative and Support Services falls under the larger industry of Professional and Business Services. In general, employees in this sector provide support to the day-to-day operations of other organizations, and include positions such as general management, personnel administration, and clerical and cleaning activities. This sector added 291,300 new jobs – an increase of 3.4 percent – bringing its employment total to 8,917,500.
7. Miscellaneous Nondurable Goods Manufacturing
Difference from National Average: 2.9X
Jobs Added: 12,300
Total Employment: 289,300
Annual Growth Rate: 4.4 percent
Miscellaneous Nondurable Goods Manufacturing is a subset of the larger Nondurable Goods industry. Products manufactured in this sector are diverse and include goods as varied as clothing, sporting goods, toys, jewelry and medical products. This sector added 12,300 new jobs – an increase of 4.4 percent –bringing its employment total to 289,300.
6. Residential Specialty Trade Contractors
Difference from National Average: 3.0X
Jobs Added: 84,000
Total Employment: 1,943,300
Annual Growth Rate: 4.5 percent
Residential Specialty Trade Contractors is a subset of the larger Construction industry. Generally speaking, workers in this category perform activities such as home additions, alterations, maintenance and repairs, and can include plumbing, painting, electrical, concrete, and site preparation work. This sector added 84,000 new jobs – an increase of 4.5 percent – bringing its employment total to 1,943,300.
5. Heavy and Civil Engineering Construction
Difference from National Average: 3.2X
Jobs Added: 45,300
Total Employment: 980,500
Annual Growth Rate: 4.8 percent
Heavy and Civil Engineering Construction is a subset of the larger Construction industry. Workers in this category are generally involved in the construction of large-scale engineering projects (e.g., highways and dams) or in the production of specific components for such projects. This sector added 45,300 new jobs – an increase of 4.8 percent – bringing its employment total to 980,500.
4. Couriers and Messengers
Difference from National Average: 3.3X
Jobs Added: 31,200
Total Employment: 672,900
Annual Growth Rate: 4.9 percent
Couriers and Messengers is a subset of the larger Transportation and Warehousing industry. Workers in this field generally provide intercity and/or local delivery of parcels and documents, and typically deliver by foot, bicycle, small truck or van. Couriers and Messengers added 31,200 new jobs, bringing its total employment number to 672,900 – an increase of 4.9 percent.
3. Nonstore Retailers
Difference from National Average: 3.5X
Jobs Added: 28,800
Total Employment: 568,600
Annual Growth Rate: 5.3 percent
A subset of the larger Retail Trade industry, Nonstore Retailers generally include mail-order houses, vending machine operators, home delivery sales, door-to-door sales, party plan sales, e-commerce shopping, and street vendors (except food). It also includes the broadcasting of infomercials, the publishing of direct-response advertising, and the publishing of paper and electronic catalogs. Nonstore Retailers added 28,800 new jobs, bringing its total employment number to 568,600 – an increase of 5.3 percent.
2. Other Information Services
Difference from National Average: 3.7X
Jobs Added: 14,300
Total Employment: 275,500
Annual Growth Rate: 5.5 percent
A subset of the larger Information industry, Other Information Services includes companies that are involved in supplying, storing, searching for, retrieving and providing access to information, as well as publishing and/or broadcasting content exclusively on the Internet. Typical businesses include news syndicates, libraries, archives, and Web search portals. This sector added 14,300 new jobs, bringing its total employment number to 275,500 – an increase of 5.5 percent.
1. Support Activities for Mining
Difference from National Average: 13.7X
Jobs Added: 52,500
Total Employment: 307,000
Annual Growth Rate: 20.6 percent
Support Activities for Mining is a subset of the larger Mining and Logging industry. Employees in this field generally provide support services (on a contract or fee basis) for the mining and quarrying of minerals, and for the extraction of oil and gas. Of all American industries, Support Activities for Mining experienced the fastest growth rate in the past year. This sector added 52,500 new jobs, bringing its total employment number to 307,000 – a whopping increase of 20.6 percent.AlertMe