What declining industries mean for hiring in 2024-25

The world is full of ups and downs and the recruitment experience follows those same movements. Declining industries are adjusting to their new reality, talent is shifting to different roles and recession-proof industries are growing at a good clip.

So what does this new market mean for those who are hiring? It means that you will need to educate yourselves on the state of it and make plans to capitalize on opportunities. Luckily, Beacon Hill has curated some of the most important insights to help you achieve your goals.

Industries in decline

Employment growth is happening, but according to the Bureau of Labor Statistics (BLS), the manufacturing, federal government and agriculture sectors aren't. Per their estimation, "these sectors are expected to shed a combined 1.3 million jobs by 2024."

To get even more specific, here are ten industries paired with their expected declines ranging through 2032:

1. Tobacco manufacturing: -53.3% 
   
   This isn't all that surprising, as tobacco use, while still in existence, is on the decline according to the World Health Organization (WHO). 
    
2. Manufacturing and reproducing magnetic and optical media: -50.4%
    
3. Apparel, leather, and allied product manufacturing: -35.7%
    
4. Printing and related support activities: -26.3%
   
   Most things are digital these days, so printing is a much rarer commodity. 
    
5. Coal mining: -26.0%
   
   As the need for clean energy rises, we expect this decline to continue sharply.
    
6. Newspaper, periodical, book, and directory publishers: -24.3%
   
   We've all noticed that newspapers, which were once a main source of intel, have suffered in the digital age, so this is par for the course. 
    
7. Satellite, telecommunications resellers, and all other telecommunications: -21.6%
    
8. Cable and other subscription programming: -21.2%
   
   People are streaming. That's it! Cable is going the way of Blockbuster. 
    
9. Other furniture-related product manufacturing: -20.3%
   
   While there will likely always be a place for major furniture chains, many people are upcycling older pieces or building their own.
    
10. Engine, turbine, and power transmission equipment manufacturing: -17.0%

Labor force growth

While the labor force is growing slower due to a "declining labor force participation rate and an aging population," it is going up. The BLS expects it to reach 163.8 million this year. In addition, total employment should reach 160.3 million.

Major areas of growth are projected to include healthcare and social assistance.

Role shifts in the employment market

In booming industries, certain common roles are seeing a boost. Here are some of the top 20 fastest-growing ones as noted by the U.S. Career Institute:

• Marketing manager, agent or business manager, public relations specialist
• General and operations manager, food service manager, entertainment and recreation manager
• Actors, producers and directors, dancers and choreographers
• Recreational coordinator, social worker, child care worker
• Derrick operator, prospector, rotary drill operator
• Athlete, coach, scout, sports official (umpire, referee)
• Librarian, library technician, editor
• Personal trainer, lawn care technician, dog groomer
• Travel agent, reservation and transportation agent, customer service representative
• Manager of farming/fishing/forestry workers, grader and sorter, agricultural equipment operator
• Photographer, illustrator, author
• Lodging manager, housekeeping manager, business operations specialist
• Career counselor, office administrator, admissions coordinator
• Dispatcher, train operator, bus driver
• Home health aide, hospice nurse, caregiver
• Chiropractor, dietitian, optometrist
• Producer and director, film and video editor, camera operator
• Archivists, curators, museum technicians
• Web developer, IT technician, systems administrator
• Veterinarian, financial consultant, survey researcher

We hope one of these areas is one you are hiring for!

Hiring opportunities

At the moment, reaching out to technology professionals could prove fruitful for recruiters! 2024 has been quite a year for technology layoffs. Fortunately, those layoffs were of incredibly talented individuals with many skills that can be translated into many of the roles we previously outlined.

There are also certain recession-proof industries like healthcare and social assistance, retail trade and food and accommodation services. The fact that they are recession-proof is a major selling point for job seekers who want long-term security. Be sure to capitalize on that in job postings and interviews!

–

We hope you found this information helpful. Do you need some assistance applying your learnings? We can partner with you to find the best talent fits.

Partner With Us