Staffing Industry Analysts (09/14/22)
US staffing revenue is projected to grow 14% this year to reach a record of $212.8 billion, according to the newly released “US Staffing Industry Forecast: September 2022 Update” report by Staffing Industry Analysts.
Many growth estimates for professional staffing segments were raised since SIA’s last forecast in May. The most dramatic change was in healthcare staffing revenue; it’s now projected to grow 18% this year. The previous forecast estimated healthcare staffing revenue would decline 14%.
IT staffing revenue growth also received an improved forecast. It’s now expected to grow 16% this year, up from 12% in the last forecast.
Several factors are driving this growth, including a record number of job openings and an improved supply of candidates because the pandemic has waned and remote work remains along with substantial growth in pay rates and bill rates. In addition, tech advancements at staffing firms are leading to greater ease of use for clients and candidates, helping further expand industry participation.
However, the growth picture for 2023 looks more uncertain with revenue estimated to increase by just 2%. However, if travel nurse revenue is excluded — which is set to decline from record highs — the rest of the staffing industry is projected to grow 6% in 2023.
This article originally appeared on staffingindustry.com. Use this link to see the full article: US STAFFING REVENUE TO REACH RECORD $212.8 BILLION THIS YEAR: SIA