The number of employees in Mexico's ship and boat building industry declined significantly from 2013 to 2023, showing a strong negative trend. Starting at about 4.49 jobs in 2013, employment dropped sharply to 1.13 jobs in 2023. Over the past two years (2022 to 2023), the number of employees fell by about 5.97% year-on-year. In 2023, employment in this sector was 1.13 jobs. The Compound Annual Growth Rate (CAGR) over the last five years stands at -6.45%, indicating a consistent downward trend.
Looking forward, the number of jobs is forecasted to continue decreasing, with a forecasted CAGR of -6.48% over the next five years. By 2028, the industry is expected to employ only about 0.75 jobs, reflecting a 28.46% decline in the workforce.
Future trends to watch for include potential changes in economic policies, technological advancements, and shifts in global trade dynamics, which could impact the demand for ship and boat building in Mexico. Sustainable and green technologies may offer new opportunities for growth in this sector.
