The employment in the Chemical and Pharmaceutical Products sector in the US has shown a steady upward trend from 2013 to 2023, with a notable spike between 2017 and 2019. By 2023, employment stood at 834 thousand units, demonstrating a 0.12% year-on-year increase. Over the last two years, fluctuations have been minimal, indicating a stable industry. The CAGR over the past five years is 0.34%, suggesting a modest but consistent growth pattern.
Looking ahead, the forecasted employment figures up to 2028 imply a slight increase, with a forecasted 5-year CAGR of 0.07% and a total growth rate of 0.36%. This indicates that while substantial growth is not anticipated, the sector will maintain stable employment levels.
Future trends to watch for:
- Advancements in biotechnology and green chemistry potentially influencing job markets.
- Evolving regulations and their impact on pharmaceutical manufacturing practices.
- Shifts in global supply chains and their local employment implications due to geopolitical factors.