Over the last decade, the total hours worked in Business Services in the UK has demonstrated a consistent upward trend. Starting from 25.65 billion hours in 2013, there has been a steady rise, culminating in 29.83 billion hours by 2023. The year-on-year growth rates ranged from a high of 3.31% in 2016 to a low of 0.15% in 2017, demonstrating some fluctuations but a generally positive trend. Notably, the compound annual growth rate (CAGR) from 2019 to 2023 stood at 1.16%, indicative of modest yet stable growth.
Looking into the forecasted period (2024 - 2028), the CAGR is projected at 0.72%, with an overall growth rate of 3.67% anticipated over the five years. This suggests a continued, albeit slower, increase in total hours worked, reflecting potential economic or sector-specific factors impacting the pace of growth.
Future trends to watch for:
- Technological advancements and automation potentially impacting labor hours.
- Changes in remote work policies and their effects on business services.
- Economic policies and market conditions influencing employment rates and work hours.
