Taxi Drivers

Job opportunities for taxi drivers and ride-share drivers are expected to grow by 13 percent, much faster than the average for all careers, through 2033, according to the U.S. Department of Labor (DOL). "Much of the projected job growth stems from a greater demand for ride-hailing drivers, who typically work as independent contractors," according to the DOL.

The high turnover rate in this occupation means that many of the new job openings that develop in the future will come when drivers leave their jobs to go into another kind of work. In addition, as the American population increases and traffic becomes more congested, the need for taxi drivers will increase, especially in metropolitan areas. At present many drivers work on a part-time basis, and that situation is likely to continue.

The emergence of ride-sharing companies (such as Uber and Lyft) may continue to reduce job growth in the taxi industry. These firms typically charge less per ride than traditional taxi companies and operate under little or no government regulation. Many municipalities are developing regulations that may require ride-share companies to conduct regular criminal background checks and drug tests on driver applicants, implement formal driver training programs, and obtain comprehensive commercial liability insurance for vehicles. If regulation of the ride-sharing industry increases, job opportunities will improve for cab drivers.