What is the job outlook in music production like?

Many people who are successful in the music production field did not study that in college. Most successful producers, engineers, etc. built their production skills (either on their own or in a specialized trade program), then found a successful music production professional to intern for or shadow for mentorship. There are a ton of resources online if you dig around that will teach you all of the basic skills, along with many of the more advanced ones, and there are lots of tools available for free or little cost. Your best bet is probably to start by reading some music production magazines like Tape Op (which is free), Sound On Sound, Mix, or even Electronic Musician. Start to become familiar with the equipment, terms, and techniques. Then, start practicing.

On the college end, I'd suggest majoring in a Liberal Arts-type course of study and continuing to work on your production skills on your own time. Majors like Business, Communications, Marketing, etc. will be helpful in your music career and will allow you to spend time honing your production "chops," whereas majoring in Music, Art, and other creative majors actually make it harder to do so. That's because those majors generally require more school-work time do to projects, performances, rehearsals, studio time, etc. on top of regular school work. It's not a coincidence that most major music artists were not college music majors.

Whatever path you choose, remember: excellence requires practice, and you'll only take away whatever you put in. There is no easy road.
Best of luck!