In the US electrical equipment sector, the number of employees is forecasted to decline gradually from 390 thousand in 2024 to 385 thousand by 2028. This signals a consistent annual decrease. In 2023, the number of employees stood at 391 thousand, reflecting a slight year-on-year decrease of 0.26% to 2024. From 2025, the year-on-year variation continues with a steady decrease of 0.26% annually, consistent through to 2028. The five-year compound annual growth rate (CAGR) declines around 0.31% annually.
Future trends to watch for:
- Impact of automation and technological advancements on employment levels.
- Shifts in global supply chains and their influence on the US electrical equipment industry.
- Potential policy changes and their effects on sector employment.