In 2020, the steel industry will see more growth than the energy sector, according to a new forecast released Tuesday.
A total of 2,743,000 jobs are forecast to be created in the steel and iron industries, compared with a total of 1,890,000 in 2020, according the U.S. Department of Commerce.
But the energy industry is projected to see the largest growth, with 2,081,000 new jobs.
The steel industry is already the second-largest employer in the U to workers in the coal, oil and gas sectors, accounting for about a quarter of all jobs in those industries, according in the report.
But with the coal and oil industries likely to experience the worst downturns of the current decade, the number of new jobs is projected at an even greater level.
“With the industry’s growth forecast, we are seeing the sector’s share of total jobs increase, but its job creation rate will remain below its level of 10 years ago,” said Michael Deaver, chief economist at the U,S.
Chamber of Commerce, in a statement.
“In the long run, the sector will continue to be a driver of job growth and the recovery, but at the expense of the economy’s overall well-being.”
The economy will be hit hardest by the Great Recession, with the unemployment rate in 2020 projected at 8.1 percent.
But it is expected to rise as the Great Lakes Basin recovers from the Great Depression.
The U.K. and Canada will be the main beneficiaries from the recovery in the Great Britain, which saw a 5.4 percent gain in jobs in 2020 compared with the previous year.
The U.A.E. and Germany saw a 3.5 percent increase, while France and Italy saw a 1.9 percent gain, according.