In 2023, labour costs in Canada's agriculture, forestry, and seafood sectors stood at a benchmark level, acting as a baseline for forecasted values from 2024 to 2028. From 2024 to 2028, the forecast indicates a consistent yearly increase in labour costs, starting at 13.87 billion CAD in 2024, reaching 14.93 billion CAD by 2028. This represents a steady year-on-year growth as follows:
- 2024 to 2025: 1.95% increase
- 2025 to 2026: 1.91% increase
- 2026 to 2027: 1.80% increase
- 2027 to 2028: 1.77% increase
The compound annual growth rate (CAGR) over these five years is approximately 1.85%, suggesting a moderate yet persistent upward trend in costs.
Future trends to watch include technological advancements and policy changes impacting labour efficiencies and costs. Additionally, shifts in market demand for sustainable and organic products could drive fluctuations in labour demands, further influencing cost dynamics.
