The number of self-employed individuals in Canada's accommodation and food services sector is forecasted to decline steadily from 2024 to 2028. Starting at 69.46 million hours in 2024, the projected data shows a consistent decrease, reaching 64.5 million hours by 2028. This trend suggests an average annual decrease of approximately 1.85%, indicating a downturn from previous engagement levels. In the past two years, actual data indicated the sector was facing challenges which are expected to persist, influencing self-employment negatively. Compared to 2023, this forecast highlights a clear downward trajectory.
Future trends to watch for include the impact of technological advancements on efficiency, potential regulatory changes, and economic conditions affecting consumer behavior. These could alter the trajectory of self-employment growth within this sector, either slowing the decline or potentially stabilizing the figures if conditions improve.
