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Language Industry is Booming – Average Compensation is Down

Last month, the U.S. Census Bureau updated its economic statistics. Translation and Interpretation Services aced the stats.
The following numbers don’t address freelance business, which Slator, a language news website, says is likely in the billions of dollars. Still, here are a few key facts. From 2008-2015:
  • Total employees in the language industry nearly doubled.
  • Employment growth stood at nearly 7%.
  • The number of language service providers (LSPs) rose by 23.6% (from 2,000 to nearly 2,500).
  • Average compensation went down–from $49,266 to $44,931.
  • But the average number of LSP employees went up, from 7.68 to nearly 12.
Still, 77% of U.S. LSPs have fewer than 5 employees. (In contrast, TransPerfect and LionBridge appear to have more than 1,000 employees.)
Language services are among the top 15% of businesses for job growth.

Article originally found in INTERSECT weekly update from June 2, 2017.

Related to: Interpreter/Translator News

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