The labour costs in the ships and boats building industry in Canada stood at 960 million Canadian Dollars in 2023. Going forward, the forecasted data shows a progressive increase: 990.55 million in 2024, 1020 million in 2025, 1050 million in 2026, 1080 million in 2027, reaching 1100 million in 2028. This reflects a year-on-year increase of approximately 3% from 2024 onwards.

Regarding the last two years, the labour costs rose from 990.55 million in 2024 to 1080 million in 2027, showing a growth rate of around 9% over these two years. Looking at the last five years from 2024 to 2028, the compound annual growth rate (CAGR) stands at roughly 2.7%, indicating a steady upward trend.

Future trends to watch for:

Technological advancements and automation which could potentially affect labour demand and costs.
Economic factors such as inflation or changes in raw material costs which could influence overall labour expenses.
Government policies and environmental regulations impacting the shipbuilding industry's operational costs.