The healthcare sector has overtaken retail as the largest industry with employment in the US, according to a report released this month by the Stanford Institute for Economic Policy.
Healthcare employment and wages rose almost twice as fast as employment in other industries between 1980 and 2022, according to data. Medical employment rose 144.5% compared to a 64.6% share of the total US workforce.
The biggest wage increases occurred among nurses and other middle-aged employees. Women made up a large part of the nursing and aide workforce, but more men began to enter the field as well.
“There are several potential explanations for the strong employment and revenue growth of middle class medical employment. The barriers to intrusion that limit the supply of doctors may increase the mid-level and increased labor demand for nurses. “Improved diagnostic techniques could reduce demand for doctors.”
Sophisticated diagnostic skills that support mid-level tests and nurses
Treatment is prescribed based on a technically determined diagnosis. ”
The report says that the increase in nurses and aides' salaries is that these professionals are more educated over time. Even bachelor's and master's degrees have become commonplace for nurses.
“Most aides do not need to receive post-secondary education, but many employers require or strongly encourage vocational training for certification,” says SIEPR.
The author noted that home health aides require certification following the federal mandatory 75 hours of training. Some states required up to 180 hours of training.
Healthcare aides, including home health care and nursing aides, constituted the fastest growing occupations in healthcare, with employment gains of 206.1% between 1980 and 2022, according to the report. At the same time, Aides' salaries increased at a slower rate than other healthcare workers. Between 1980 and 2022, aide wages increased by 33.4% compared to 81.7% of nurses.
