Industry Outlook to 2020Posted on June 7th, 2012 1 comment
Minnesota’s economy is projected to expand by 13 percent between 2010 and 2020, according to new data from the state’s Labor Market Information Office. By 2020, it’s estimated that there will be 368,000 new jobs across the state’s industry sectors.
Nearly four out of every 10 new jobs in Minnesota between 2010 and 2020 will be in the education and health services industry. This sector is expected to add 141,076 jobs, a growth rate of 32 percent. The professional and business services (52,457 jobs) and trade, transportation and utilities (52,275 jobs) industries will also add significant numbers of new jobs in Minnesota.
At 39 percent, the construction sector is projected to grow the fastest among industries in Minnesota. The addition of 34,403 jobs will not, however, make up for the jobs lost during the recent recession. Likewise for manufacturing; the industry is expected to expand by 14,198 jobs, with most jobs in the fabricated metal product, wood products, and machinery manufacturing sectors.
Remember that employment changes depend on the demand for goods and services, productivity advances, technological innovations, and shifts in business practices. These are often trends that analysts cannot predict. Researching industries (and occupations) before making a career decision is important.
Stay tuned for an upcoming article later this month on the fastest-growing jobs in Minnesota!VN:F [1.9.7_1111]Industry Outlook to 2020,
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