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What will the 2024 job market look like? Which industries will come out on top? What essential skills must job seekers develop to stay competitive in the evolving landscape?
Despite predictions of a steady job market in 2024, economists predict significant growth in health care, utilities, and construction. The tech sector is bracing for a paradox in 2024, with artificial intelligence advances expected to trigger layoffs but also to spur the growth of specialized AI-related roles.
Keep reading for a more in-depth look at the coming job market.
Is Your Job in Danger?
From the healthcare industry poised for a job boom, to the tech sector bucking layoff trends by adding specialized AI roles, the 2024 job market is set to defy predictions with its mix of opportunities and challenges across sectors.
Background
Economists are cautiously optimistic about the outlook for 2024. Although hiring is expected to stay steady rather than see major growth, the job market is expected to remain strong.
Most experts agree that a 2024 recession is unlikely, though not out of the question.
Sectors Analysis
Experts predict a combination of growth and challenges across key sectors in 2024:
- Health care. The healthcare industry likely will maintain robust job growth as it grapples with severe labor shortages. Despite a remarkably low unemployment rate of 1.4% among hospitals over recent months, burnout continues to drive high turnover rates among nurses and physicians.
- Utilities. Hiring across the utilities sector is expected to remain steady in 2024—especially in the fields of solar, wind, and geothermal, which are anticipated to be among the fastest-growing over the next decade.
- Construction. Strong job growth is likely in 2024 due to high demand for skilled workers and an influx of federal funding. US construction surpassed a record-breaking $2 billion in the fall of 2023, and the infusion of billions of federal dollars will kick-start over 40,000 construction projects across the nation in 2024. However, experts caution that rising interest rates and strict lending standards could dampen construction growth in the longer term.
While several sectors eye potential growth in 2024, others are bracing for a more challenging landscape.
For example, the media industry saw over 19,000 job losses between January and September of 2023—and newspapers, digital publishers, and broadcasters may face more cost-cutting in 2024 as they struggle to attract paying subscribers in the era of free online content.
The tech sector, which laid off 258,000 employees globally in 2023, will also likely shed workers in 2024. Rapid advancements in Artificial Intelligence (AI) and the efficiency it brings through automation could reduce hiring and replace some jobs—especially entry-level software engineering and middle management roles. IBM CEO Arvind Krishna has warned that AI could absorb 30% of the company’s current jobs within the next five years.
Despite the potential for more tech sector layoffs however, some experts say that AI’s integration into industries will lead to the growth of specialized tech roles.
Looking Ahead
Experts offer these recommendations to help job seekers stay competitive in 2024:
- Network extensively.
- Update your resume and monitor job postings.
- Learn continuously.
- Enhance your soft skills.
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