The wealth gap between African-American families and white families it is not only a blow to the Black people but is also effectively a negative for the American economy.
And as a report by consultancy firm McKinsey & Company proves, closing the gap will be a daunting task, yet, immensely beneficial to all Americans. The report projected that “closing the racial wealth gap could net the US economy between $1.1 trillion and $1.5 trillion by 2028.”
So, what opportunities and fields are promising to accelerate efforts to close the gap? Below are top five high-growth industries with fairly high wages that present avenues for closing the wealth gap.
Technology
The tech industry is one of the highest-paying sectors in America’s economy. Jobs in the industry, such as data scientists and software engineers, among others, employ a chunk of Americans.
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“Demand for additional workers stems from cloud computing—the collection, and storage of big data and information security. The impact of the tech industry has affected nearly every state. […]the industry is ranked in the top five economic contributors in 23 states and in the top 10 of 28 states,” says Investopedia.
The Berkeley School of Information, for instance, says that the technology sector offers such high wages that a data scientist takes an average base salary of $127,500.
Healthcare
The business of healthcare has been thrown to the fore worldwide, especially in America and Europe, after the coronavirus pandemic. A 2020 Brookings’ report said that the profession employed 11 percent of American workers.
ZipRecruiter says that by its August 28, 2023 analysis, a healthcare practitioner in America receives an annual pay of $124,152.
Construction
As long as humans continue to build, the construction industry will remain one of the highest-paid professions in the world. And in America, the sector even booms more.
Investopedia cites the Bureau of Labor Statistics as saying that both the construction and extraction industries are to grow by a targeted 4% from 2019 to 2029.
Legal services
In 2022, the legal services market in America was valued at $372.61 billion, and this year, it is also expected to grow by 2.5% up to 2030.
This is one sure industry that black professionals could indulge in to get themselves paid some high wages.
Transportation
Carting goods across the country is one essential service the transport industry offers, and being a truck driver could put you on the list of highly paid workers.
According to CloudTrucks, “Truck driver salaries vary widely depending on factors such as region, type of equipment, and experience level. According to recent data, the latest truck driver salary ranges from $52,518 to $126,882 annually.”