Apr 30, 2019 - Economy

The changing face of America's job market

Data: USAFacts; Chart: Harry Stevens/Axios
Data: USAFacts; Chart: Harry Stevens/Axios

Total U.S. GDP grew 15.5% between 2007 and 2017, from $16.87 trillion to $19.49 trillion, and certain professions saw major growth while others shrank, a new survey of government data by USAFacts shows.

What's happening: The real estate sector became the largest industry in the country in terms of value added to GDP during that 10-year period, growing 22.1%.

  • Two industries saw their share of the GDP fall: mining, which dropped 26.7% from $366 billion to $269 billion, and construction, which fell 6.4% from $835 billion to $781 billion.

The big picture: In addition to changes in the way Americans earn money, the survey also noted some profound shifts in American households.

  • More people are living alone.
  • A greater share of the population is divorced.
  • There are more single-parent families and households without children.

By the numbers: All of this is leading to a shrinking average household size, meaning fewer wage earners per household, and a smaller median household income.

  • Families and individuals in the middle 20% of income make 9% less in wages and salaries than they did in 2000.
  • That is largely being made up for by government assistance, as those families received 59% more in transfers from the government.
  • This group also paid 12% less in taxes.

Go deeper: "Jobs of the future” surged in 2018

Go deeper