GROUP-30
The United States has long been regarded as one of the greatest countries to work and make a livelihood. To support this hypothesis, we analyzed and forecasted employment and wage statistics from the United States and other nations based on various industries. We analyzed and predicted employment and wage growth for the United States and its states from 2001 to 2019 in some cases, and from 2018 to 2020 in others, to determine which industries appear to be dominating in terms of employment and wage growth in the job market, as well as the potential growth forecasts of these industries. Based on data between 2010 and 2020, we have generated industry-specific estimates for the year 2030, as well as suggesting which industries can flourish and which can diminish.
An industry is a collection of companies that are related to their core business activity. Individual companies are typically classified into an industry when their largest source of income is based on it or when the end business goals of the company align with the industry.
A corporation can now fit into numerous industries as it expands and focuses on different sectors or industries. Investors and economists frequently use industry-specific data to gain a better understanding of the constraints and factors influencing firm profit growth. Companies operating in the same industry can also be compared since they share at least one or more business activities or constraints.
Keeping this in mind, we have tried to understand employment and wages across industries better by analyzing previous and current data regarding the same with our primary focus on the professional, scientific and technical services.
This Spark Line chart depicts the change in employment (number of jobs) in the United States and its various states from 2001 to 2019. We can observe that the overall number of jobs has increased by 23.14 per cent. Texas has seen the greatest rise in job creation. According to federal data, this can be attributed to the state's high population growth.
Government, health care and retail employ the most number of people. Manufacturing is being surpassed by other businesses such as Professional, Scientific, and Technical Services. We can also notice a steady pattern from 2001 to 2019 in which the wholesale trade, transportation and warehousing, and real estate, renting, and leasing have the fewest employment.
We now delve a little deeper into the Professional, Scientific and Technical Services. This category includes industries such as e-commerce, software, and entertainment. Let us understand which industry generates the most revenue.
The distribution of the top 100 corporations (based on revenue) among countries is depicted in this Treemap. We can observe that E-commerce companies generate enormous income when compared to other companies in this industry, with Amazon generating over USD 386 billion in revenue. Although COVID-19 had an impact on every business, e-commerce continued to generate income and flourish.
We now move on to where these companies are located throughout the world. As we can understand from the previous graph, the top-performing companies in the globe (in terms of revenue creation) are largely from the technical services or information industries. They all have an internet presence, regardless of the domain in which they function. This map depicts the global distribution of these businesses.
We can also see the performance of the United States in terms of revenue creation in comparison to other countries.
Let us now understand the state-by-state earnings of the United States. Taking all domains into consideration, we can see that the average hourly wages have only altered by a narrow margin over the last three years, neither increasing nor decreasing significantly. Between 2018 and 2020, inflation climbed at a 1.5 per cent annual rate.
Focusing our emphasis on the Professional, Scientific, and Technical Services area, we can see that this is the domain with the highest average wage. From 2018 to 2020, we can see a constant rise in the average wage in this area, indicating that it is a thriving industry to work in.
When we look at the total number of employees across industries, we notice a considerable growth over time. However, employment in some industries will be severely reduced, which will have an impact on output. Especially in the field of telecommunications, where employment is expected to fall by 88.7 per cent between 2020 and 2030. The number of employees in the mining industry declined in 2020, but it may likely grow again in 2030. The second slide goes into further detail on which sectors will see an increase or decrease in employment, wages, and output.
In this section, we will look at which industries are likely to grow faster and which are vulnerable to fluctuations faster by 2030. Individual and family services, which fall under the Health care and Social Assistance Industry, are experiencing the most rapid expansion. This sector has a quantifiable value of 1014.1 jobs. According to the data, the industry with the greatest growth will be Leisure and Hospitality, while the sector with the greatest growth will be Food Services and Drinking Places by a value of 2135.3. The Retail trade Industrial sector is expected to see the fastest and greatest drop, with food and beverage outlets suffering the most, as measured by a quantification value of -257.5.
This section illustrates the largest and fastest increasing, as well as the largest and fastest decreasing, output for various industries. The Information Industry, notably data processing, hosting, and related services, is the fastest growing industry, with an increase of up to $162.2 billion. The Wholesale trade Industry will be the largest growing industry by 2030, with an increase of up to $647.7 billion. The Manufacturing Industry will be the largest and most rapidly deteriorating industry, and the sector that will be affected will be the Tobacco Manufacturing Industry, which could face losses of up to -$15.7 billion.