Industry Snapshot
Growth Pattern
- The Gross Domestic Product (GDP) for health services in 2001 was $589.8 billion, a 5.8% share of the national total. (Source: U.S. Bureau of Economic Analysis)
- The health care industry is predicted
to add 3.5 million new jobs between 2002 and 2012, an increase
of 30%. (U.S. Bureau of Labor Statistics)
- It is predicted that about 16% of all new wage and salary jobs created between 2002 and 2012 will be in health services. (U.S. Bureau of Labor Statistics)
- From 2002-2012, 10 of the 20 fastest growing occupations are concentrated in health services. These positions include: medical assistants (59% growth), physician assistants (49% growth), home health aides (48% growth), and medical records and health information technicians (47% growth). (U.S. Bureau of Labor Statistics)
- Projected rates of employment growth for the various segments of the industry range from 12.8% in hospitals, the largest and slowest-growing industry segment, to 55.8% in the much smaller home health care services. (U.S. Bureau of Labor Statistics)
- Fast growth is expected for workers in occupations concentrated outside the in-patient hospital sector, such as medical assistants and home health aides. (U.S. Bureau of Labor Statistics)
- In 2000, the national supply of full-time equivalent (FTE) registered nurses was estimated at 1.89 million while the demand was estimated at 2 million, a shortage of 110,000 or 6%. The shortage is expected to grow by 12% through 2010. If current trends continue, the shortage is projected to grow to 29% by 2020. In 2000, 30 states were estimated to have shortages. By 2020, 44 states and the District of Columbia are projected to have shortages. (U.S. Department of Health and Human Services)
View a brochure on the Health Care Industry containing all of the information listed above and in the links below.
