Staffing Industry Reaches Record Revenue

According to a forecast by Staffing Industry Analysts (SIA), the US staffing industry is projected by 7% and 6% in 2015 and 2016, respectively. This would bring the total revenue to $142.4 billion, which is a record.

Researchers remain optimistic about the overall staffing industry growth despite the rate being slower than previously anticipated in April’s forecast. Of the expected 7% growth, 17% of that expansion will be seen in healthcare, 10% in finance and accounting, 10% in the marketing and creative segment, 6% growth in IT, and 5% growth in the industrial sector.

The slowest growth is anticipated in legal and engineering staffing. The downturn in oil & gas has been affecting engineering jobs negatively.

The report states that the biggest variable in the forecast is the next inevitable recession, should it begin sometime in 2015 or 2016. SIA thinks it’s unlikely as the current US expansion has lasted 6.2 years, which is longer than the previous expansion cycle and longer than the average length in the last five economic expansions.