Biggest Industries by Employment in the US in 2023

1. Public Schools in the US

Employment number for 2023: 7,062,560

Public schools include traditional elementary (kindergarten through fifth grade), middle (sixth or seventh through eighth grade) and high schools (ninth through 12th grade), in addition to charter and magnet schools. Revenue depends on government funding from tax revenue and borrowing.

Falling federal funding for elementary and secondary schools hasn't deterred revenue growth. Since 2018, state and local governments have maintained revenue surpluses. Strong property tax revenue enabled state and local governments to borrow less and raise spending on public schools. State and local governments benefited from generous federal support in the wake of COVID-19, coupled with tax revenue from resident income... Learn More

2. Hospitals in the US

Employment number for 2023: 5,795,082

Hospitals have a central role in healthcare delivery in the United States. As the frontline for specialized and emergency care, hospitals have patient streams regardless of economic conditions, but rising incomes and broader insurance coverage facilitate access to elective care. Since the onset of the COVID-19 pandemic in 2020, hospitals have coped with persistent and unprecedented challenges to their resources, finances and workforce. Federal policies and billions of funding directed to hospitals alleviated the initial financial impact of revenue loss stemming from delays in elective care and drops in ER visits. Still, the pandemic took a major toll on supply... Learn More

3. Fast Food Restaurants in the US

Employment number for 2023: 5,199,714

Over the five years to 2023, Fast Food Restaurants have grappled with shifting consumer preferences and a saturated food service landscape that has kept prices low. The rising popularity of fast-casual restaurants benefits the industry, helping to maintain revenue growth. Moreover, intense internal and external competition forces fast-food operators to emphasize low prices in a battle to attract consumers. As a result, industry revenue grew at a CAGR of 2.5% to $366.9 billion over the past five years, including an increase of 1.3% in 2023 alone.

As consumers become increasingly health-conscious their eating habits shift, and they demand alternatives to traditional... Learn More

4. Professional Employer Organizations in the US

Employment number for 2023: 4,307,585

Over the five years to 2023, revenue in the Professional Employer Organizations industry has increased at an annualized rate of 8.8% to $351.6 billion, including an expected increase of 2.1% in 2023 alone. During the past five years, industry revenue has been more volatile than usual due to high volatility in the labor market caused by COVID-19. With the unemployment rate more than doubling in 2020, industry revenue experienced a 1.3% decline in the same year. However, a strong recovery in the labor market in subsequent years caused industry revenue to increase 20.8% in 2021 and 16.5% in 2022. In... Learn More

5. Office Staffing & Temp Agencies in the US

Employment number for 2023: 3,865,622

Office staffing and temp agencies have recorded growth because of a growing US labor market. COVID-19 created unfavorable economic conditions, which caused the industry and the labor market to decline significantly over 2020. Despite the unprecedented losses faced in 2020, industry-wide revenue still grew at a CAGR of 1.8% to $248.7 billion over the past five years, despite a 0.6% decrease in 2023.

This industry relies on the strength of the current business landscape and economy to ensure demand. One key driver of this industry is corporate profit, which will be affected by recession concerns and weakened consumer demand in 2023.... Learn More

6. Single Location Full-Service Restaurants in the US

Employment number for 2023: 3,566,586

The growing domestic economy led to consistent but modest increases in consumer spending on full-service restaurants. The fine-dining segment performed particularly well over the past five years due to solid growth in the income levels of affluent consumers. Nevertheless, industry operators were forced to curtail dine-in operations when the coronavirus struck, thus reducing demand for fine-dining restaurants as services at these establishments involve a high degree of in-person experience. Simultaneously, restaurants at the lower end of the market struggled as consumers traded down to the innovative products served by a growing number of new high-quality fast-casual chains.

The majority of operators... Learn More

7. The Retail Market for Jewelry in the US

Employment number for 2023: 3,315,050

The Retail Market for Jewelry industry offers jewelry, timepieces and sterling and plated silverware through a variety of retail channels, both in store and online. Over the five years to 2022, the industry has benefited from rising consumer spending and per capita disposable income, enabling consumers to make discretionary purchases on industry products. However, a falling marriage rate and trends toward reduced spending on engagement rings have further pressured demand for the industry's engagement and wedding jewelry. Furthermore, a sharp decline in consumer confidence amid the COVID-19 (coronavirus) pandemic pressured discretionary spending on industry products, resulting in an estimated 11.7%... Learn More

8. Colleges & Universities in the US

Employment number for 2023: 2,901,584

As job markets have weakened and employment prospects have worsened, more high school graduates have to forgo joining the workforce and opted for postsecondary education. However, this trend reversed as COVID-19 struck. Nonetheless, the shift to fully remote learning amid the pandemic somewhat hindered demand for colleges and universities, especially among private universities. This caused enrollment at private nonprofit universities to decline in 2020 and this trend continued into Spring 2022. Overall, revenue for the Colleges and Universities industry has fallen an annualized 1.3% to $582.6 billion over the five years to 2023, including a 1.1% increase in 2023 alone.

According... Learn More

9. Supermarkets & Grocery Stores in the US

Employment number for 2023: 2,709,408

Supermarkets and Grocery Stores offer general lines of food products, including fresh and prepared meats, poultry and seafood, canned and frozen foods, fresh fruits and vegetables and various dairy products. Grocers have benefited from a strong economy with increasing levels of disposable income, allowing it to grow at a CAGR of 1.9% to $845.3 billion over the five years to 2023, including a 0.4% increase in 2023 alone. This has resulted in a shift in preferences, driving demand for premium, organic and all-natural brands, helping lift industry revenue. Supermarkets were considered essential businesses during the pandemic, which allowed them to... Learn More

10. IT Consulting in the US

Employment number for 2023: 2,521,851

Due to low capital requirements, a sizable number of operators are small nonemployers or independent contractors. IT Consulting has experienced a shift in technological change towards cloud computing and data analytics. The constantly changing character of the industry has led larger players to acquire smaller companies and develop new products to remain competitive. Industry revenue has grown at a CAGR of 2.0% to $665.9 billion over the five years to 2023, including a rise of 4.0% in 2023 alone.

Shifting technology trends have boosted demand for new services and encouraged companies to replace older, more traditional technology. Operators compete on offering... Learn More