In 2023, labor costs in the repair and installation of industrial machinery and equipment in the US stood at $23.1 billion. The forecast suggests a steady increase from 2024 to 2028, with costs rising from $23.4 billion to $24.5 billion. This equates to a year-on-year growth rate averaging around 1.3%, and a five-year compound annual growth rate (CAGR) of approximately 1.45% through 2028. This indicates consistent but modest growth in labor costs over the analyzed period.
Future trends to watch for include:
- Technological advancements that could alter labor demand and costs.
- Regulatory changes impacting labor practices and expenses.
- Economic factors like inflation affecting overall industry expenditure.
