A person considering a degree in hospitality or a related field may wonder, “Is hospitality management a growing field?” It is wise to find out the answer to this question because it enables a person choosing a college major or a career path to take more control over their future job prospects. Knowing about the job outlook for hospitality management could facilitate a person’s choice of area of study or which types of jobs they apply for upon graduation.
Current Employment Statistics for Hospitality Managers
Managers in the hospitality industry may work at places of lodging, food service and similar service-related industries. The Bureau of Labor Statistics (BLS) tracks employment numbers across all industries, including hospitality. Their data shows that 16,844 people were employed in management positions in the hospitality industry as of October 2019. The unemployment rate was 5.3 percent, compared to 4.8 percent in September 2019. The BLS notes that there is a seasonal aspect to employment in hospitality services, including in the management positions. In September 2019, there were 910 job openings, 1,099 hires and 1,392 separations from employment.
Job Growth Trends for Management Jobs in Hospitality Services
The BLS also tracks dynamic changes in employment for managers in hospitality services. For the first quarter of 2019, which is the most recent available data, the BLS notes that there were 1,338 gross job gains and 1,198 gross job losses. The net was 140 total job gains for the quarter. For the most recent four quarters, some had net job losses and some had similar levels of net job gains. This may be related to the seasonality of travel, tourism and lodging demands.
Employers Adding or Subtracting Hospitality Jobs
Some employment sectors are more likely to add management jobs in hospitality than others. According to the BLS, 279 employers in the hospitality industry planned to add jobs over the next 12 months beginning in the first quarter of 2019. At the same time, 284 employers expected to subtract hospitality jobs during the first quarter of 2019. The remainder of employers, which is more than 880,000, expected to maintain around the same number of jobs in hospitality services for the upcoming 12 months.
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Future Growth Projections for Hospitality Manager Jobs
The BLS also examines future growth projections for the hospitality industry over a 10-year range. From 2014 to 2024, the BLS projects that there will be an overall growth rate of half percent for management jobs in the hospitality industry. For comparison, the growth rate was less than one percent between 2004 and 2014 and 1.2 percent between 1994 and 2004. The BLS offers additional details about who is projected to fill those jobs. The highest rate of growth for employment in management jobs for the hospitality industry is expected to be in people ages 55 and older, with a growth rate of just over two percent for that age group.
Knowing whether or not a desired profession is expected to grow or shrink in the number of jobs helps a person plan for their future. An individual may prefer to enter an industry where there will be more jobs in the future because that makes it easier to maintain employment or achieve a higher salary. Knowing if hospitality management a growing field is a good first step in planning one’s educational or career path.