Employment in the U.S. has remained steady in January, particularly in the oil and gas industry where more Millennials seek work.
An IHS Markit study showed that Millennial workers will comprise almost 41% of the energy sector’s workforce by 2025, which is up by 20% from the current number. The American Petroleum Institute (API) commissioned the study.
API President and CEO Jack Gerard expect that oil and gas companies will provide almost two million new jobs by 2035, partly because of the increased interest among Millennials. Some of these opportunities include a career as an API 653 tank inspector, which — as heartlandtankservices.com explains — is important for auditing a company’s storage facilities.
Compensation served as one of the reasons behind the higher number of Millennial job applicants. The average annual salary in the oil and gas industry amounted to $50,000 — more than the average pay nationwide in 2016 based on Bureau of Labor Statistics (BLS) data. Millennials with a background on science, technology, engineering, and math comprise the highest earners.
The increasing appeal of jobs in the energy sector contributed to an overall growth in the U.S. job market. BLS reported that non-farm employers added 200,000 new jobs in January. The increase exceeded market expectations, which pegged growth by 180,000 jobs.
Construction jobs grew the most in the previous month after increasing by 36,000. Workers in the food-service industry ranked next with 31,000 jobs, while health care workers increased by 21,000 people. Manufacturing employment only increased by 15,000 jobs, but it was a surprising indication of continued growth in the sector, according to Mark Hamrick, Bankrate.com’s senior economic analyst.
U.S. oil and gas employers should focus more on hiring Millennials, as a large number of baby boomer workers are close to retirement age. It will not only prevent a labor shortage in the industry, but also support the overall growth of national employment.