The employment in the Accommodation and Food Services sector in the US has shown a steady increasing trend from 2013 to 2023. In 2023, this sector stood at 12.25 million units, showing a year-on-year variation of 1.38%. This sector has displayed gradual growth with a compound annual growth rate (CAGR) of 1.56% over the last five years. Looking back to 2013, the CAGR was 0.97%, and it increased to 2.6% in 2014, before stabilizing around the range of 1.6%-3.59% through subsequent years.
Forecasted data indicates a continuation of this trend, with employment numbers expected to increase to 13.04 million by 2028. The five-year forecast CAGR is projected at 0.98%, with an overall growth rate of 5.02%. This implies that although growth is expected to continue, it may occur at a slightly decelerating rate compared to previous years.
Future trends to watch for include technological advancements in service delivery, changes in consumer behavior post-pandemic, and ongoing labor market dynamics, particularly pertaining to skilled workforce shortages and wage pressures. These factors collectively could influence the sector's employment levels moving forward.
