The wages and salaries in the non-metallic mineral products sector in the US showed consistent growth from 2013, with a significant increase in values until 2015. After a brief slowdown in 2016, the growth resumed albeit at a slower pace. By 2023, wages and salaries stood at 29.43 billion US dollars. Over the last two years, from 2022 to 2023, the sector experienced minor growth of 1.17%. The Compound Annual Growth Rate (CAGR) over the last 5 years up to 2023 averaged 2.7% annually.
Forecasted data from 2024 to 2028 indicates a gradual increase, reaching 31.08 billion US dollars by 2028, with a lower forecasted 5-year CAGR of 0.87%, reflecting a slower growth rate compared to previous years. Predicted growth over the next five years stands at 4.41%.
Future trends to watch for include:
- Economic factors such as inflation that could impact wage growth.
- Technological advancements and their impact on labor demand in the sector.
- Regulatory changes and their impact on wage dynamics.
- Initiatives for sustainability and their influence on industry operations.
