NVI Technical College Information

Market Feasibility

Outlook

• Vocational school, as they often have direct connections with

What's driving the industry outlook?

potential employers that make finding a job after graduation

much easier.

The economic landscape bodes well for the industry

• Consistent improvements in household finances and government

Shifts in domestic demographics will sustain industry growth

funding will continue to boost demand for vocational education

• The growing proportion of aging individuals in the population

as loan programs and strong disposable income make the

will bolster demand for healthcare-related jobs like medical

A

financial burden of continued education more bearable.

technicians, nurses' aides, occupational therapy assistants and

paramedics.

• Growth in four-year university degree tuition fees will outpace

income growth, making the industry's external competitors less

• The Bureau of Labor Statistics expects the employment of

commercially viable. Families with lower income brackets will

licensed practical and licensed vocational nurses to surge by 6.3%

consider a less-expensive alternative, vocational education.

between 2021 and 2031.

• Continued demand for technology-related jobs over the next five

• The growing use of technology in healthcare will demand

years will encourage young adults to enroll in technical and trade

employees with technical expertise. In particular, the number of

schools, and a shaky economic outlook with lingering concerns

clinical laboratory technologists and technicians will increase by

of a recession will encourage inexperienced consumers to attend

6.6% during the same period.

Source: Wert-Berater Feasibility Studies, LLC and IBISWorld

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