Published on July 3, 2017
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.