One tool counselors can use in helping students explore and understand valuable career options is labor market information (LMI).
Market information can tell students what has happened in the past, what's happening now, and what is likely to happen in the years ahead. Because LMI can objectively answer important career exploration questions, it is a valuable resource for students who are choosing a career path.
Supply-side data describes jobs that are currently (or will be) available and helps job seekers make decisions about their education and job search. Demand-side data describes overarching conditions that affect the labor force -- such as economic conditions and demographic trends. Government agencies and researchers use this info to gauge economic health, determine marketing strategies, and more. Download the chart below.
There are also three major categories of labor market data, listed on the graphic below:
- Career planning data: Includes information on in-demand jobs, wages, training providers, and skills requirements
- Demographic data: includes general population characteristics and ties these to employment status, earnings, and commuting patterns
- Employment data: includes a count or estimate of jobs within an industrial or occupational category
Each state compiles its own labor market data with oversight by the federal government -- you can find Texas LMI data here. Popular federal sources of data come from the U.S. Department of Labor and the U.S. Department of Commerce.
Due to the reauthorization of the Workforce Innovation and Opportunity Act in July 2014, state workforce organizations are required to align their information with the state's postsecondary and workforce needs. The Texas Workforce Commission provides this information to our state. (Helpful hint: we love following them on Twitter!)
Hot jobs, or jobs that are experiencing a lot of growth, may help students generate some ideas of what they would like to do. However, job growth can vary through the years. Emphasize to students that as they research hot jobs, they should focus on the skills required. Those skills are more likely to transfer to other career opportunities.
Below is a look at the top five Texas occupations ranked by the highest projected number of jobs added due to growth for the period 2016-2026:
- Registered nurses
- Heavy and tractor-trailer truck drivers
- General and operations managers
- Elementary school teachers, except special ed
- Accountants and auditors
Finally, visit our companion blog post for even more information on career exploration for students.
