Construction and environmental cleanup are among the industries expected to offer the greatest prospects for wage growth in the next five years.
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A new study released Tuesday by the research firm IBISWorld lists the 10 industries with the fastest wage growth predicted for 2011 to 2016. At the top of the list is sustainable building material manufacturing, which is anticipated to grow 22.7 percent over the next five years from about $8.3 billion in total this year.
“Construction-related industries will experience wage growth as the economy begins to turn around and companies add staff to handle increased demand,” wrote IBISWorld senior analyst Justin Molavi. However, he added that the construction industry is not expected to return to pre-recession wage levels.
The increasing use of voice over Internet Protocol, or VoIP, in the telecommunications industry is expected to produce the second-fastest wage growth, of 16.3 percent, over the next five years as wireless carriers and other entities adopt the technology.
The eight other industries expected to have the fastest wage growth are remodeling, home builders, investment banking and securities dealing, commercial building construction, correctional facilities, remediation and environmental cleanup services, environmental consulting, and generic pharmaceutical manufacturing.
For more information, visit www.ibisworld.com.