Forecast: Employment in Fabricated Metal Products Sector in Canada

Employment in the Fabricated Metal Products sector in Canada stood at 344.48 million hours in 2023. Over the past decade, employment has shown variations due to multiple factors. From 2013 to 2023, employment experienced both growth and decline, with a significant drop in 2020 due to the pandemic, followed by a partial recovery.

The year-on-year variation for 2022-2023 was -3.12%, indicating a slight decline after seeing positive growth in the previous two years. The five-year compound annual growth rate (CAGR) leading up to 2023 was -0.36%, demonstrating a slightly declining trend over the period.

• 2013 to 2022: Fluctuations with peaks in 2014 and 2019 but a notable dip in 2020.
• 2020: Significant decline due to the pandemic.
• 2021-2022: Recovery phase with positive growth rates.
• 2023: Slight decline reflecting market adjustment.

Forecasted data from 2024 to 2028 suggests a very modest growth with a CAGR of 0.01%, indicating stability with minimal growth or decline. Future trends to watch include technological advancements, automation, and shifts in global trade policies which might impact employment stability and growth in this sector.