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OVERVIEW OF THE CORE HEALTH CARE INDUSTRY



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11 Chapter II Overview of the Core Health Care Industry II OVERVIEW OF THE CORE HEALTH CARE INDUSTRY The concept of the core health care industry refers to health care service providers classified as such under the NAICS North American Industrial Classification System 621 Ambulatory Services 622 Hospitals and 623 Nursing and Residential Care Facilities 1 II 1 National Trends Regarding national trends increasing demand for health care services by the retiring baby boomer generation likely will fuel further growth in core health care industry employment According to Census Bureau population projections the percent of people over age 65 will increase to nearly 20 percent by 2030 from 13 percent in 2010 Nationally the core health care industry has grown significantly faster than nonfarm employment in the past 13 years 1 For a detailed analysis see the methodology section Business and Economic Research Center Jennings A Jones College of Business MTSU 12 Chapter II Overview of the Core Health Care Industry Nationally core health care industry employment grew more than 10 percent between 2004 and 2008 while total nonfarm employment recorded about a 4 percent growth rate Nonfarm employment excluding health care grew about 3 5 percent in the same period To give a better perspective on changing employment dynamics in the nation one in 14 jobs created between 1995 and 2000 was in the health care sector This has changed dramatically in recent years as one in 4 35 jobs created between 2004 and 2008 was in the health care sector 2 The growth trend in employment in the health care sector since 2000 is expected to continue through 2018 when core health care industry employment is projected to be the dominant source of employment growth Health care occupations are projected to add nearly 2 8 million new jobs nationally between 2008 and 2018 In this period growth in health care occupations is expected to be 24 percent versus 10 percent for all occupations By 2018 health care



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