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The workforce, the economy, and the labor market are constantly changing. According to the U.S. Bureau of Labor Statistics, the fastest-growing industry in 2021 was leisure and hospitality, but from 1995 to 2000, it was durable goods manufacturing. Certain jobs that were common 20, 10, and even just five years ago aren’t as common today, and the skills that are most relevant to today’s workers are vastly different from those needed to succeed in earlier decades.

Recent events such as the COVID-19 pandemic, talk of a potential recession, and the increasing development of artificial intelligence have further accelerated the evolution happening in the workplace and job market.

According to the U.S. Bureau of Labor Statistics, the following 20 industries are expected to have the largest decline within the next decade:

– Tobacco manufacturing
– Manufacturing and reproducing magnetic and optical media
– Apparel, leather, and allied product manufacturing
– Printing and related support activities
– Coal mining
– Newspaper, periodical, book, and directory publishers
– Satellite, telecommunications resellers, and all other telecommunications
– Cable and other subscription programming
– Other furniture-related product manufacturing
– Engine, turbine, and power transmission equipment manufacturing
– Railroad rolling stock manufacturing
– Consumer goods rental and general rental centers
– Other general-purpose machinery manufacturing
– Iron and steel mills and ferroalloy manufacturing
– Electric lighting equipment manufacturing
– Metalworking machinery manufacturing
– Logging
– Textile mills and textile product mills
– Agriculture, construction, and mining machinery manufacturing
– Office furniture (including fixtures) manufacturing

The industries with the largest decline by 2031 are mostly within the manufacturing sector. However, the specific industries that are declining now are not necessarily the same ones that began declining in the late 20th century.

Following manufacturing, the information sector also has industries with significant projected declines in the next decade, including publishing, telecommunications, and cable programming. Other sectors represented on the list include mining, financial activities, and agriculture, forestry, fishing, and hunting.

While many industries, especially within manufacturing, are expected to decline, there are also job markets with expected growth during the same period. Industries in the leisure and hospitality sector, such as promoters of events and amusement parks, are expected to grow. Other sectors experiencing growth include healthcare and social assistance, mining, information, and professional and business services.

Factors such as changing demographics, societal influences, artificial intelligence, and new technology can greatly impact industry growth and decline. It’s important for workers in declining industries such as tobacco manufacturing to consider transitioning to growing industries for better job security in the future.

The post These 20 Industries Are Expected to Have the Largest Decline by 2031 appeared first on ISP Today.