College graduates will be happy to hear that hiring rates are projected to increase by 15 percent in the upcoming year, according to a survey conducted by Michigan State University, meaning many young workers will enjoy higher chances of being employed directly out of school. The expected increase is attributed to company growth and retiring baby boomers. This is the second year in a row where a large jump in hiring rates for college grads is expected. But not all industries are booming when it comes to hiring.
Philip Gardner, director of Michigan State’s College Employment Research Institute, divides the job market into sectors to help determine which categories have the most potential for growth and those that do not. Here’s a look at the industries he cites as hiring now.
This very broad sector — including accounting and consulting firms, engineering services companies, computer design firms, software development companies, civil engineering and science providers — is expected to have the highest amount of growth in the hiring of college graduates, with a 38 percent increase forecast. The number would be even higher if law firms were not included in this sector, as their numbers for hiring new grads are lower than the sector overall.
Finance and insurance has the second highest expected growth, 28 percent. Most of the expected growth will come from the insurance side. But while insurance is growing, bank hiring is expected to shrink by 26 percent for students with bachelor’s degrees, and isn’t expected to pick up anytime soon
Information Services — including Internet providers, data processors, wireless carriers and satellite companies — is forecast to see a 24 percent hiring increase. The Internet services subsector is where most of the growth is coming from, with a 34 percent increase predicted. The telecommunications subsector, which includes broadcasting and journalism, is expected to have only a 6 percent increase.
This sector is also forecast to see a 24 percent hiring increase. Hospitals are likely to see large increases, with 27 percent growth predicted, but the social assistance side is down, with companies involved in child protective services, services for people with disabilities and home health aides expected to decrease hiring of college graduates by 15 percent.
While manufacturing is seen as the weakest industry in hiring, with a 6 percent overall decrease expected, manufacturing companies involved in automotive, aerospace, defense-related products, electrical equipment, and computer and electronic products are showing strength in their hiring, with double-digit increases forecast.
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