Healthcare, information technology, government and manufacturing are among the fields likely to see the most job growth and highest wage increases in 2024, according to research from Resume Genius.
These fields in particular are expected to stand out in 2024 as broader economic trends improve in the U.S. Despite the rising cost of living, a recession appears less likely than a year ago. Inflation is trending lower, and the U.S. labor market is expected to hold steady in 2024. That’s good news for the economy and job seekers. However, the U.S. continues to experience shortages in skilled workers.
The U.S. should see 4.7 million jobs added between 2022 and 2032, based on information by the Bureau of Labor Statistics. But does job growth equal higher wages that will outpace inflation?
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According to the new 2024 Wage Growth Report by Resume Genius, wages are also expected to see a bump, with the top four U.S. careers most likely to see the highest wage increases in 2024, based on salary and employment trends reported by the Bureau of Labor Statistics over the past two years.
Healthcare
- Because of strong employment growth, the healthcare sector is expected to see meaningful wage increases in 2024.
- The healthcare sector is expected to hire 2.3 million new workers, accounting for about 1 in 4 new jobs in the US.
- In 2023, the US healthcare sector averaged 55,000 new jobs per month, compared to the 2022 average monthly gain of 46,000.
Federal government employees
- The Biden administration included a 5.2% overall average increase for civilian employees in the Fiscal Year 2024 Budget. That’s the largest increase in more than 40 years.
- Due to recent changes to the locality pay system, some federal employees will see slightly larger raises than expected, according to the US Office of Personnel Management.
Manufacturing
- According to Forbes, the manufacturing sector is experiencing demand for workers with more advanced skills, due to technological advancements.
- Manufacturers have been raising wages in an attempt to retain talent, as doing so is seen as more cost-effective than hiring and training new staff, CFO Dive reports.
- Employment for software developers, quality assurance analysts, and testers is expected to grow 25% from 2022 to 2032, according to the Bureau of Labor Statistics.
- The high demand for these skills, coupled with a shortage of qualified workers, will likely drive up wages in the tech sector.
Along with these four sectors experiencing high growth and the potential for significant wage increases, the Resume Genius report also highlighted these 15 jobs that will likely see pay raises in 2024.
- Lawyers and judicial law clerks - 10.57% wage growth
- Software and web developers, programmers, and testers - 9.87% wage growth
- Financial analysts and advisors - 9.81% wage growth
- Recreation and fitness workers - 9.21% wage growth
- Database and network administrators and architects - 7.77% wage growth
- Passenger vehicle drivers - 7.01% wage growth
- Sales representatives (wholesale and manufacturing) - 6.79% wage growth
- Computer support specialists - 6.37% wage growth
- Healthcare support occupations - 6.23% wage growth
- Designers - 6.19% wage growth
- Sales workers and truck drivers - 6.12% wage growth
- Healthcare practitioner support technicians and technologists - 6.07% wage growth
- Healthcare diagnosing or treating practitioners (nurses, doctors, physician assistants) - 5.78% wage growth
- Therapists - 5.61% wage growth
- Metal and plastic machine workers - 4.89% wage growth
Resume Genius’s research also revealed that several occupations are experiencing a shortage of skilled labor, such as transportation, information technology, and mental healthcare services.
“In a period marked by persistent inflation, it's encouraging to see that a number of industries aren’t just weathering the storm but are actually thriving,” said Career Expert Corissa Peterson. “Our analysis points to solid wage growth in a number of occupations. We are also seeing record-setting levels of compensation in specialized fields such as financial and legal services, signaling that employers are prepared to invest in attracting and retaining top talent.”
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