The electrical equipment manufacturing sector in Canada had 36.15 thousand jobs in 2023. Historical data reveals fluctuations with a general declining trend in earlier years, marked by a significant drop in 2014 by 12.74%. Subsequent years saw periods of recovery and decline, with particularly notable declines in 2020 due to potential economic disruptions. From 2018 to 2022, the sector experienced a revival, peaking at 36.56 thousand jobs in 2022.
Over the last two years, the sector saw an increase of 5.18% in 2022 and a slight decline of 1.12% in 2023. The Compound Annual Growth Rate (CAGR) from 2018 to 2023 was 1.39%, indicating moderate growth across these years.
Looking forward to 2028, forecasts project a minor decline with an average annual decrease (CAGR) of -0.54% and an overall growth rate decline of -2.65% over five years. This suggests a static to slightly declining employment trend in the sector.
Future trends to watch for include technological advancements influencing workforce requirements, international trade implications, and economic policies affecting manufacturing activities. Observing these factors will be crucial in understanding the sector's labor market dynamics.
