From actuals to forecasts, the total hours worked in the US electrical equipment industry demonstrates a consistent decline from 2024 to 2028. The data indicates a yearly descent starting from 727 million hours in 2024, dropping progressively each year to 714 million hours by 2028.

Comparing this with the position in 2023, this reveals a downward trend. Specifically, the years 2025 and 2026 see a modest annual decline of around 0.4% to 0.5%, while the compound annual growth rate (CAGR) from 2024 to 2028 is estimated at -0.4% per year.

Looking ahead, watch for:

The impact of technological advancements, which may decrease labor input through automation.
Potential shifts in energy policy that could influence industry demands.
Global trade dynamics influencing local labor requirements.