The salaries and wages in the electrical equipment manufacturing sector in Canada have shown considerable fluctuations over the past decade. From 2013 to 2017, there was a general trend of modest increases with some intermittent declines. The highest recorded value was in 2017. However, from 2018 onwards, the trend reversed significantly, resulting in a progressive decline each year.
In 2023, the value stood at 724.58 million Canadian dollars. The year-on-year variations for the past two years were -6.02% in 2023 and -5.73% in 2022, respectively. Over the last five years, the CAGR was -5.01%, indicating an average annual decrease.
The forecast for the upcoming years, from 2024 to 2028, suggests a continuous decline with a five-year CAGR of -5.95%, culminating in a value of 499.36 million Canadian dollars by 2028. The overall estimated reduction during this period is 26.42%.
Future trends to watch for include potential influences such as technological advancements, automation, changes in market demand, shifts in global trade policies, and domestic economic conditions, which may all further impact the salary and wage structures in this sector.
