If you are wondering where the next area of growth in the job market is going to occur, stay alert to the aviation industry. It is predicted that 2.7 million aviation employees need to be hired over the next ten years, according to a study by PricewaterhouseCoopers (PwC), a multinational professional services network. With air travel expected to double in size by 2035, airlines are being encouraged to adjust via infrastructure overhauls and through replenishing staff ranging from pilots to maintenance technicians.
As economies emerge in some areas and populations explode in others, travel demand will skyrocket – particularly in regions such as China, India and Latin America. Airlines could face decreases in revenue if they do not invest appropriately in their airports and airline facilities, according to the PwC study.
As we reported in April, numerous airline-backed infrastructure projects have been completed or are currently underway including:
- Terminal A at Boston-Logan International Airport – Delta Air Lines
- New international terminal at Houston Hobby Airport – Southwest Airlines
- Terminal 5 at JFK – JetBlue
- Terminal 4 expansion – Delta Air Lines.
The airline industry could also have to plan for increasing fuel prices. According to USA Today, crude oil barrel prices are down $38 since last April. These low prices attribute to the industry’s predicted $29.3 billion net profit, up $12.9 billion from 2014 according to the International Air Transport Association (IATA). While airlines are benefitting from saving money on fuel, future increases in oil prices and the need for replacement of retiring employees and increasing overall staff numbers could cancel out the profit growth currently being seen.
If all precautions are taken and serious investments are made, however, the airline industry may see continued success. By itself, the increased job market is a major opportunity for the global economy and future generations should benefit. Have the infrastructure upgrades made by airlines in airports already made your travels easier? What do you think about the predictions made in the PwC airline study? Let us know in the comments or tweet us @TandTnews.