The US will add 8.3 million jobs between 2018 and 2023–a growth rate of more than 5%, according to a Friday report from CareerBuilder. However, only one-fourth of these jobs will fall into a middle-wage category, while the rest will be either high-wage or low-wage, the report found.
The report defined low-wage jobs as paying $14.17 or less per hour, middle wage jobs as paying $14.18-$23.59 per hour, and high-wage jobs as those that net $23.24 or more per hour.
High-wage and low-wage occupations will each see high net growth at about 5.7% each, the report found. Meanwhile, middle-wage employment will grow only 3.8% in that timeframe. In terms of job numbers, high-wage and low-wage occupations are predicted to add about 3.1 million jobs each, while middle-wage occupations will add about 2.1 million new jobs.
SEE: IT jobs 2018: Hiring priorities, growth areas, and strategies to fill open roles (Tech Pro Research)
Some 121 careers will experience a decline in jobs between 2018 and 2023–75 of which are in the middle-wage category, the report found.
Occupations in the STEM field will continue to dominate the fastest-growing jobs in the next five years, according to the report. Software developers and computer user support specialists will be among the fastest-growing jobs in the high-wage category.
“Technology innovation is moving at an unprecedented rate and is rapidly redefining the occupations and skills required in the job market,” Irina Novoselsky, CEO of CareerBuilder, said in a press release. “Most of the fastest-growing occupations have a technical component to them.”
Here are some of the fastest-growing occupations by wage category, as found in the report:
Companies can help transition middle-wage workers whose jobs may be declining into new roles, the report noted. “Employers will need to play a greater role in providing competency-based training to the workforce,” Novoselsky said in the release. “At the same time, workers across all job levels will need to continually pursue opportunities to upskill in order to maneuver around accelerated shifts in labor demand. This is a particularly pressing issue for middle-wage workers who are at greater risk for becoming displaced and workers in general who want to move up into better-paying jobs.”
The big takeaways for tech leaders:
- The US will add 8.3 million jobs between 2018 and 2023. — CareerBuilder, 2018
- Software developers and computer user support specialists are among the fastest-growing high-wage jobs in the US. — CareerBuilder, 2018