The value added of business services in the US has exhibited a steady increase from 2013 to 2023, reaching 12.586 trillion USD in 2023. After robust growth in the mid-2010s, the pace of growth decelerated notably in the 2020s, particularly during the COVID-19 pandemic, with the year-on-year variation dropping to 1.76% in 2020. Since 2021, the growth rate has averaged around 2.5%, with a 2023 year-on-year variation of 2.39%. The five-year CAGR leading up to 2023 is 2.87%, indicating a more tempered growth trajectory.
Looking ahead with forecasted data up to 2028, the average annual growth rate (CAGR) is projected to be 1.65%, culminating in an 8.51% growth over this five-year period. This suggests a continuation of the slower growth pattern observed in recent years.
Future trends to watch for:
- Technological advancements and digital transformation in business services that could spur productivity and efficiency.
- Shifts in regulatory landscapes and their impact on the business services sector.
- Potential economic disruptions and recovery paths post-pandemic influencing service demand.
- The role of remote work and hybrid service models shaping industry growth.
