New entrants into the top 20 MSA’s include Washington D.C., Boston, Minneapolis, Baltimore, San Diego, and Houston while Detroit, Phoenix, Indianapolis, Tampa, Las Vegas, and San Antonio are no longer in the top 20. Understanding this economic momentum allows us to examine the important jobs noted above, and consider the impact they might have on the future of real estate and economic development in cities across the country. This category includes jobs like medical scientists and epidemiologists, two professions that have received well-earned attention in light of their impacts during the COVID-19 pandemic.įor the past five years, RCLCO has released the STEM Job Growth Index (“STEMdex”), as a tool to not just highlight the top locations for STEM employment today, but to estimate where STEM employment growth is most likely to be most pronounced in future years. However, it is important to note that these projections have also been impacted by the COVID-19 pandemic, with Life, Physical, and Social Science jobs seeing a more significant bump in projected future job growth. Over the coming decade, the Bureau of Labor Statistics projects the strongest growth to concentrate in Computers & Mathematics, Architecture and Engineering, and Life, Physical & Social Science. The fastest-growing STEM jobs over the last five years are in Computer User Support, Industrial Engineering, Information Security, and Civil Engineer each adding over 35,000 jobs between 20. Mathematics, engineering, life, and physical sciences, and social science occupations comprise the other half of STEM jobs.Ĭomposition of STEM Jobs by Industry United States 2019 This is certain to have significant implications for both economic development and real estate.Ībout 47% of STEM jobs are explicitly computer-related (projected to grow to 49% by 2029), including computer and information systems management, programmers, software developers, and other computer support specialists. Bureau of Labor Statistics projects more than 1,000,000 STEM jobs will have been added, representing nearly 11% growth compared to less than 8% for all other industries.Īs science and technology become increasingly important components of our lives, STEM jobs and their higher than average wages ($89,780 vs $40,020) and employment rates more resistant to economic shocks (unemployment in STEM jobs peaked at 9% in 2020 vs 16% for non-stem jobs) are likely to continue to attract a diverse range of labor. Between 20, STEM employment grew by nearly 25% – over five times more than non-STEM employment over the same period. STEM jobs (an acronym for Science, Technology, Engineering, and Mathematics) have certainly played a critical role in helping to counter and/or live with the impacts of COVID-19. In this edition, RCLCO has updated its methodology based on the past five years of performance to produce a refined and improved projection for the geography of future STEM growth, and to better understand the “story behind the story.” The Importance of STEMĪs we approach the end of 2021 with a multi-year global health crisis in the form of the COVID-19 pandemic finally showing signs of abatement, it is an appropriate time to once again turn our focus toward the industry sector which had a meaningful impact on the lives of all Americans over the past two years. The STEMdex tracks STEM job momentum, not just to identify where these jobs are today, but where they might be going in the future based on changing local economies, migration of young households, and the presence of other factors that have historically been correlated with STEM job growth. Thus understanding where STEM activity is greatest helps to identify areas of economic growth and investment opportunity. STEM workers earn higher wages than their non-STEM peers, have a broad impact on the economy, and STEM industries contribute heavily to U.S. RCLCO, partnering with CapRidge Partners, has produced the 5th annual STEM Job Growth Index (“STEMdex”), once again highlighting several metro areas commonly recognized as STEM (aka Science, Technology, Engineering, Mathematics) strongholds, as well as those that show future potential for attracting these jobs.
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