The number of persons employed in business services in the US has shown steady growth from 2013 to 2023, starting from 72.15 million and reaching 82.84 million. The year-on-year variation has generally observed a declining trend, beginning at 1.78% in 2013 and tapering off to 0.88% in 2023. The Compound Annual Growth Rate (CAGR) over the last five years (2019-2023) has averaged 0.93%, reflecting a moderate yet consistent increase in employment.
Looking ahead, forecasted data predicts continued growth to 86.23 million by 2028. The forecasted five-year CAGR is expected to slow to 0.63%, indicating a slight deceleration. The projected five-year growth rate stands at 3.21%.
Future trends to watch for:
- Adoption of automation and artificial intelligence in business services
- Increasing demand for digital transformation and IT-related services
- Possible shifts in employment patterns due to globalization and remote work
- Impact of regulatory changes and economic policies on workforce dynamics
