Healthcare Jobs Grew 50% More in 2014 Compared to 2013

The Jobs Report for January shared some pleasant news as jobs increased by 300,000 and the unemployment rate is the lowest it has been in six and a half years. Despite the decline in the unemployment rate, the number still remains relatively high. Moreover, wage growth is essentially static, and government jobs are being reduced.

Fortunately, the healthcare industry has added some much needed jobs to the market. In 2013, healthcare added 203,000 jobs, and in 2014, healthcare added 311,000 jobs.

The employment increase in the healthcare industry is due to three factors. First of all, the economy is rebounding as the economy has more net jobs than when the Great Recession started. Since more people have jobs and subsequently employer-sponsored insurance, they can get the medical attention they need, which means more revenue for healthcare. The second reason is that billions of dollars poured into the healthcare industry, due to the Affordable Care Act. More caregivers, physicians, staff, etc. are in high demand by the newly insured patients. The third factor is that hospitals recovered from bad debt because of coverage expansion.

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