In our post-recession economy, news agencies and pundits have a lot of opinions about where employment is heading in the coming years. It can be difficult to sort it all out and determine who is right and who is wrong. So just what can Rhode Islanders expect? Recently, the Rhode Island Department of Labor and Training released its 2024 Industry Outlook report, that examines the future of employment for The Ocean State.
Rhode Island Can Expect Job Growth
According to the report, Rhode Island is on pace to add 36,000 jobs between now and 2024. Overall employment is expected to grow 7.1% over employment levels in 2014, when the study began. This outpaces the projected national employment growth of 6.5% for the same time frame. The Department of Labor and Training indicates that the main drivers of new jobs in Rhode Island will be an unprecedented increase in demand for products and services in healthcare, social assistance, hospitality, food service, technical services and administrative services.
Professional, Technical and Scientific Services Outlook
One of the sectors that will experience high growth through 2024 is the professional, scientific and technical services sector which is expected to grow over 17%. The fastest-growing businesses in this sector are legal services companies, accounting and payroll services, computer services, engineering services and management/technical consulting. According to the study, employment in computer system design and management consulting has increased by an average of six percent a year between 2012 and 2015, a trend that is expected to continue.
The Future of Manufacturing In Rhode Island
One of the most exciting things to watch through 2024 will be the increase in manufacturing in Rhode Island, with nearly 2,500 new jobs expected to arrive here. Ninety percent of those new jobs are projected in the equipment manufacturing sector and the shipbuilding sector. Chemical manufacturing and food manufacturing are also projected to post significant net gains in job creation.
Job Openings From Retiring Baby Boomers
Baby Boomers have already begun to retire, but over the next several years, companies are expecting a mass exodus of older workers. Through 2024, it is estimated that Rhode Island employers will need to fill nearly 160,000 job openings due to retirements and employee turnover.
Are You Looking to Fill Positions or Looking For A Job
These projections are good news for the Rhode Island economy, but only if businesses can connect with the qualified candidates they need to fill these new positions. If you are a job seeker in Rhode Island looking for new challenges, or if you are a business looking to connect with talented candidates, Bonney Staffing Center is here to help. We work closely with both our clients and our talent to make strong matches that ensure positive outcomes for both employer and employee. Contact us today to see how we can help you prepare for the bright future.