The salaries and wages in the metalworking machinery manufacturing industry in Canada stood at CAD 1.0732 billion in 2023, exhibiting a noticeable declining trend over recent years. From 2013-2023, the market saw fluctuations with periods of growth and subsequent decline, culminating in a decrease in 2023. Over the last two years (2022-2023), the industry noted a significant reduction in salaries and wages, with year-on-year decreases of -4.75% in 2022 and -4.94% in 2023. Observing the last five years, a compounded annual growth rate (CAGR) of -4.33% was registered from 2018-2023, reflecting a consistent downward trajectory.
As we move forward, forecast data suggests continued decline, projecting the salaries and wages to decrease significantly by 2028, with a forecasted 5-year CAGR of -4.64% and an overall growth rate decrease of -21.16%. Key trends to watch for include potential industry transformations, shifts due to automation and technology adaptation, skills shortages, and economic factors impacting labor costs.
