Recently, the US census released new population projections. The census now predicts that the working-age population (18–64) will grow by just 2.7 percent from 2018–2031. For comparison, this age group grew by 8.8 percent from 2005–2018, and by 18.8 percent from 1992–2005.
The implications for US employers are significant. Not only is the labor market already tight, but for the next 10–15 years, there will be barely any growth in the working-age population. One of the main challenges facing the US and other mature countries is supplying enough labor to meet demand. In our research, we will continue to provide insights on how employers and governments can meet this challenge.