06 Jul Report: Job Growth in Health Care Industry Fuels Economic Recovery
In the recent years of economic recovery, many have complained about insufficient job growth. A recent report shows, however, that this is definitely not the case for the health care industry.
According to a Brookings Institution report, the health care industry has added 2.6 million jobs nationwide over the past 10 years. This increase in health care jobs equates to a 22.7 percent employment growth rate for the industry, which is significantly higher than the 2.1 percent rate for all other industries in the last decade. Across the 100 largest metropolitan areas in the U.S., at least one in every 10 employees works in the health care industry. A high concentration of related jobs is seen in the Northeast and industrial Midwest, as well as in areas of Florida where many seniors live.
The StarTribune reported that the health care field has expanded so much in Minneapolis-St. Paul that Minnesota has almost recovered all the jobs it lost during the recession. Other local industries such as manufacturing and construction, however, continue to suffer.
“There’s a long-term trend of job growth in the health care industry that you don’t see in other sectors of the economy,” said Martha Ross, lead researcher on the report, in the StarTribune. “They’re now taking up a bigger share of the employment pie, and that’s happening in some cases because other parts of the pie are shrinking.”