Where to Look Next in the Wake of the Housing Slump
If you devote any amount of time to researching the job market and our nation’s economy, chances are that you know about the struggling real estate industry. Within the past year, the U.S. has seen the value of homes drop and interest rates rise, and subprime lenders are feeling the brunt of this detrimental combination. I won’t delve too deep into an explanation behind the current state of our housing market, because these articles can probably explain the growing crisis better. See here, and here, and here’s another for good measure.
For the sake of this post, all you really need to know is that more bankruptcies are anticipated and massive lay offs are already affecting mortgage brokers, real estate agents, and construction workers across the country. Since January of this year, mortgage lending companies have cut 38,000 jobs, while 20,000 construction positions have been lost. The National Association of Realtors is also reporting its first drop in membership in 10 years. What’s more is that housing experts predict that conditions are going to worsen. Most admit that they don’t expect to see any improvement in the market until late 2008 or 2009.
Needless to say, many Americans who relied on the real estate industry as their main source of income are now searching for temporary work or permanent positions with more stability. That is where CollegeCourses.com comes in, with some information on thriving occupations and a few suggestions on where to look next…
For a quick fix:
Mortgage lenders and real estate agents can always turn to life insurance sales, an industry that doesn’t feel the effects of economic downturns as often.
Construction workers should look into jobs as mechanics, technicians, machine operators, and truck and delivery drivers. These positions are notoriously hard to fill, don’t require any specialized degrees, and allow you to remain in a labor-related career.
For long-term positions:
My advice to all unemployed workers is to follow the growth. In an article posted on msnbc.com, Jenny Lynn Zappala discusses where the jobs will be in 2012. It is extremely important to think ahead if you are planning on earning your college degree in a new field, as this process could take a few years.
For instance, between 2004 and 2014, the nation is expected to generate 350,000 new openings for home health aides, which would represent a 56 percent growth margin within the industry. The list of fastest-growing jobs continues on with medical assistants, computer software engineers, and dental assistants (to name a few).
The bulk of the growth will occur in the technology, science, and health care sectors, so those would be my recommendations for degree areas to look into. As always, CollegeCourses.com links to numerous schools, many of which feature these disciplines and much, much more.