The total hours worked in the US textiles, wearing apparel, and leather products industry is projected to decline from 564 million hours in 2024 to 406 million hours by 2028. This indicates a downward trend with a forecasted compound annual growth rate (CAGR) that reflects an average annual decrease over the five years. When compared to 2023 figures, this decline points to a significant industry contraction.
Future trends to watch for include:
- Technological advancements that might reduce the need for labor while increasing productivity.
- Shift in consumer preferences towards sustainable and ethical fashion impacting demand and production methods.
- Global trade dynamics and policies that could alter competitive positioning and job requirements within the industry.
