Project Management Profession Expected to Grow by 33 Percent through 2027
A new Anderson Economic Group (AEG) analysis commissioned by the Project Management Institute (PMI) finds the project management profession will outperform total U.S. job growth over the next decade, creating millions of new positions that pay highly-competitive wages. Findings released today in PMI’s report, Project Management Job Growth and Talent Gap 2017–2027, found that through 2027, the project management labor force is expected to grow by 33 percent across 11 countries.
The newly-released figures predict that nearly 22 million new jobs will be created during the next decade — and by 2027, employers will need nearly 88 million individuals working in project management-oriented roles.
Within the United States alone, an average of 214,000 new project management jobs will be open each year in project-oriented industries — 2.1 million new job openings between 2017 and 2027. The analysis indicates employment in project management-oriented occupations from 2017–2027 to increase by 8.5 percent, compared to 6.5 percent for all occupations.
The project management career outlook continues to outshine the overall labor market due to both growth and attrition. However, the potential talent shortage puts at risk a total of nearly US$208 billion in GDP from 2017–2027 for the 11 countries assessed — US$22.5 billion in the United States alone.
“As the project management profession continues to show considerable growth, the global shortage of project talent will present exceptional opportunities for qualified professionals to begin and advance their careers,” said PMI President and CEO Mark A. Langley. “Executives will face increased financial and human resource risks due to this talent gap. Organizations will find themselves competing for this critical talent, so it’s essential that they implement best practices, as finding and retaining qualified project personnel can positively impact an organization’s strategy and bottom line.”
In the United States, from 2017–2027, more than 60 percent of the 214,000 new project management jobs annually will come from the management and professional services sector, according to the analysis. Other key industries that will see job growth include:
- Management and Professional Services – 131,010 new jobs annually
- Manufacturing – 23,015
- Finance and Insurance – 22,465
- Information Services and Publishing – 20,000
- Construction – 12,570
- Utilities – 2,927
- Oil and Gas – 1,988
In the next decade, the most job growth across all the countries analyzed in the study is expected to occur in manufacturing and construction with more than 9.7 million new roles. Information services and publishing will account for the second-largest increase with nearly 5.5 million new roles; finance and insurance will create more than 4.6 million roles, and management and professional services will see the addition of more than 1.7 million new positions.
Data in the analysis was collected from the 11 countries the research group analyzed: Australia, Brazil, Canada, China, Germany, India, Japan, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States. The 2017 talent gap report is the third analysis of project management employment and industry activity conducted by AEG for PMI. Using available data, AEG projected the size and growth of the profession, along with the risk of the talent shortage for project management-oriented occupations of industries that conduct large-scale project management activities.