The ship and boat building sector in Canada saw significant growth in terms of salaries and wages from 2013 to 2023. The sector experienced notable year-on-year variations, notably from 2013 to 2015 with increases over 20% annually, and stabilized to more moderate growth rates subsequently. As of 2023, the value stood at 957.29 million CAD, with an average annual growth rate (CAGR) of 7.76% over the past five years.

Looking forward, from 2024 to 2028, forecasts indicate a more modest CAGR of 3.74%, equating to a total projected growth rate of 20.16% over five years. This suggests a gradual but steady increase in the sector’s salaries and wages.

Future trends to watch for:

Possible impacts of technological advancements and automation on labor demand and wage structures.
Influence of global economic conditions and trade policies on the sector.
Potential shifts in market demand for different types of vessels and related employment dynamics.