In 2023, the labor costs in electrical equipment in Mexico stood at 60.1 billion Mexican Pesos. The forecasts show an upward trend in labor costs, reflecting a steady increase from 61.73 billion in 2024 to 68.52 billion by 2028. The year-on-year variation demonstrates a gradual growth: 2.83% from 2024 to 2025, 2.70% from 2025 to 2026, 2.58% from 2026 to 2027, and 2.47% from 2027 to 2028. Over the last two years, there has been an average annual growth rate of 2.65%. The Compound Annual Growth Rate (CAGR) for this five-year period averages 2.65%, indicating consistent growth in labor costs in the sector.
Future trends to watch for include potential impacts of economic policies, inflation rates, and shifts in the global supply chain landscape that may influence labor costs. Technological advancements and automation may also mitigate labor costs despite overall increasing trends. It is advisable to monitor these factors closely to forecast more accurately beyond 2028.