The value added of employment services in the US has demonstrated significant growth from 2013 to 2023, with only a few minor contractions. The data shows an increase from $198.09 billion in 2013 to $339.59 billion in 2023. Year-on-year variations highlighted substantial peaks, notably in 2021 with a growth of 24.95%, although dipped slightly in 2020 and 2022 with -3.42% and -3.33% respectively. Comparing the last two years, 2022 saw a minor decline while 2023 rebounded with a 4.79% increase. The compounded annual growth rate (CAGR) over the past five years stands at 5.1%, reflecting strong performance despite economic fluctuations.
Looking ahead, forecasts suggest continued growth with the value expected to reach $414.9 billion by 2028. This reflects a forecasted five-year CAGR of 3.17% and an overall growth rate of 16.89% from 2023 to 2028.
Future trends to watch for include the impact of technological advancements in recruitment, the gig economy's influence, and evolving regulatory frameworks which might alter the dynamics of employment services. Additionally, shifts in macroeconomic conditions and labor market dynamics will be pivotal in shaping growth trajectories.
