The U.S. labor force is expected to expand only slowly over the coming decade as the country ages and more Americans give up on holding a job, a potential drag on broader economic growth.
Wall Street Journal staffer Jeffrey Sparshott looks at the results of a new projections report from the Labor Department that notes that job-growth rates will be slower than normal for a 10-year period between now and 2024. The reason? Labor force participation rates will slow down as Baby Boomers age, and younger adults are opting out of jobs. Here's what he writes about the areas that the report notes as strongest for employment opportunity, including builders' jobs.
Much of the job growth in the coming decade will focus on services for the elderly. Health-care occupations and industries are expected to have the fastest employment growth and add the most jobs through 2024, Labor said.
Other industries with strong growth include construction, education, professional and business services, and mining, a category that includes oil and gas exploration and production.While construction is projected to add 790,400 jobs by 2024, “even with these additional jobs, employment in the construction major sector is not projected to return to the 2006 peak,” the report said.