The US staffing industry will grow 4% this year, reaching a record $153.5 billion in revenue, according to the “US Staffing Industry Forecast” from Staffing Industry Analysts. Growth is expected to decelerate to 3% in 2020 amid slowing GDP growth.
“2018 was a good year for the US staffing industry, and that momentum appears to be continuing this year,” said Timothy Landhuis, director of research, North America, at Staffing Industry Analysts. “With total US jobs exceeding 150 million and temporary help industry jobs over 3 million, the opportunities are vast for staffing firms with a focused strategy and proficient execution.”
Wage inflation, the cyclical expansion of the economy and increasing use of contingent workers are fueling the growth.
Temporary staffing, excluding place and search, is set to grow 3% this year, reaching a record $132.0 billion.
However, overall industry growth doesn’t tell the whole story, as growth will vary by segment. Office/clerical temporary staffing revenue is set to decline 1% this year; although it’s the only segment where a decline is expected. On the other hand, marketing/creative temporary staffing revenue and education temporary staffing revenue are expected to grow by 7% each this year.
Written by, Amy Chang: Staffing Industry Analysts