In 2023, the number of employees in business services in the US stood at 78.3 million, marking a 0.94% increase from the previous year and continuing a trend of subdued growth. Over the last two years, there has been a noticeable deceleration in year-on-year growth rates, with the latest figure for 2023 reflecting this. The compound annual growth rate (CAGR) over the past five years stands at 1.02%, depicting a slowdown in growth compared to earlier periods. Notably, from 2019 onwards, growth rates have progressively diminished, indicating a mature market phase.
Looking ahead, the forecast for 2028 expects a 5-year CAGR of 0.68% and a total growth rate of 3.43% by 2028.
Future trends to watch for include:
- Technological advancements driving efficiency in business services
- Remote work policies influencing employment patterns in the sector
- Economic fluctuations impacting employment growth