Forecast: Travel Services Employment in Canada

The employment in the travel services industry in Canada saw significant fluctuations from 2013 to 2023. Employment peaked in 2014 with 43.5 thousand jobs, but by 2020, there was a drastic decline to 29.8 thousand jobs, mainly due to the COVID-19 pandemic. Although there was a notable recovery in 2022 and 2023, bringing the value to 37.82 thousand jobs in 2023, the five-year compound annual growth rate (CAGR) remains negative at -1.01%.

Year-on-year variations in the last two years indicate a growth trend with an increase of 49.35% in 2022 followed by a 3.36% rise in 2023. Despite this growth, projections until 2028 show a dwindling trend with a forecast CAGR of -1.61%, predicting a decline to 34.18 thousand jobs by 2028.

Future trends to watch for include the potential impacts of increasing digitalization in the travel industry, shifts in consumer travel behavior post-pandemic, and the influence of economic factors on travel demand. Monitoring these elements will be crucial for understanding and adapting to the changing landscape of employment in the travel services sector.