The forecasted labor costs in the US agriculture, forestry, and seafood sectors show a steady increase from $61.79 billion in 2024 to $65.72 billion in 2028. Comparing to the actual 2023 data, where labor costs were at $60.5 billion, the expected year-on-year growth is approximately 1.63% for 2024. Moving forward, the Compound Annual Growth Rate (CAGR) from 2024 to 2028 is projected at about 1.54%, indicating consistent growth motivated by various factors such as technological advancements and market demand.
Future trends to watch for:
- Automation and technological integration potentially influencing labor costs.
- Regulatory changes and policies impacting labor market dynamics.
- Economic shifts potentially affecting industry investment and growth rates.
