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New Jersey Industry and Occupational Employment Projections 2008-2018.

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Presentation on theme: "New Jersey Industry and Occupational Employment Projections 2008-2018."— Presentation transcript:

1 New Jersey Industry and Occupational Employment Projections

2 Annual Employment Change in New Jersey Employment Change (000s)

3 For the first time ever, NJ ended a decade with fewer jobs than it started Employment Change (000s)

4 3 Recessions 1 Boom 1 Jobless Recovery Employment (000s) 3,689,800 3,981,700 = Very little net growth in NJ over last 20 years About 200,000 jobs Only 0.26% annual growth

5 US and NJ projections viewed as upper and lower bounds Employment (000s)

6 Growth in the nation is projected to outpace the state Annual Percent Growth

7 Goods Producing industries will continue their decline Annual Percent Growth

8 All growth will occur in Service Providing industries Annual Percent Growth

9 Growth in Service Providing industries will be offset by declines in Goods Producing industries Employment growth 08 – 18

10 Very slight growth is projected in Goods Producing industries in the nation Employment growth 08 – 18 (000s)

11 Projected growth by major industry group Annual Percent Growth

12 Goods Producing Industries Annual Growth Rate

13 Deep losses in manufacturing will continue to drive Goods Producing industries downward Projected Employment Change

14 These industries are the largest contributors to the decline in manufacturing Projected Employment Change

15 Sharp drop in 2009 will create a long road back to 2006 peak for Construction

16 Service Providing Industries Annual Growth Rate

17 2008 employment and projected growth by industry sector Information and Utilities are projected to decline by almost 14,000 jobs

18 Almost 90% of new jobs will be found in these three industry sectors Projected Employment Change

19 Healthcare will continue to grow, but the rate is slowing Employment (000s) 2.7% per year 1.4% per year

20 These typically higher paying industries are projected to add at least 2,000 jobs each Professional & Business Services Projected Employment Change

21 Occupational Highlights 2.8% Employment Growth, ,600 Average Annual Job Openings Roughly 8 of every 10 of these openings due to Replacement demand

22 Professional and Service occupations will dominate job growth Major Occupational Group Projected Employment Change

23 Due to replacement demand, there will be opportunities in all major occupational groups 28,760 28,420 18,090 14,780 12,920 7,920 3,990 3,520 3,160

24 Professional occupations are made up of many smaller groups

25 Service occupations consist of five occupational groups

26 Jobs with higher requirements for entry will grow faster than their lower level counterparts Percent Growth

27 These high paying occupations are all projected to grow faster than the state average Percent Growth $173,800 $154,100 $137,900 $112,900 $105,000 $100,200 $96,200 $94,900 $90,100 $87,100

28 Questions or Comments? Contact Jason Timian Call: On the Web at:

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