The aerospace product and parts manufacturing sector in Canada exhibited varying growth patterns since 2013, with salary and wage values showing a general upward trend. From 2019 to 2023, the industry saw moderate fluctuation, reaching a value of 4.1212 Billion Canadian Dollars in 2023. The year-on-year growth in salaries and wages over the last two years was 2.72% in 2022 and 2.62% in 2023. The average annual growth rate (CAGR) over the last 5 years was 2.99%.
Future projections indicate a steady increase, with the forecast for 2028 at 4.6326 Billion Canadian Dollars and a 5-year forecasted CAGR of 1.86%. The sector is expected to experience a total growth rate of 9.63% during this period.
Key future trends to watch for include:
- Technological advancements impacting manufacturing efficiency and labor costs.
- Global market demand influencing domestic wage levels.
- Regulatory changes and policies affecting the aerospace industry.
- Economic conditions and their impact on industry investments and wages.
