Over the past decade, the employment in the Electrical Equipment Manufacturing sector in Canada has experienced fluctuations. In 2023, the sector stood at 68.8 million hours, slightly decreased by 1.08% from the previous year. The 5-year compound annual growth rate (CAGR) for the sector was 1.07%, indicating moderate growth. Despite significant drops in 2014 and 2020, years such as 2015, 2019, and 2021 showed recovery with positive year-on-year variations.
Looking ahead, the projected data suggests a gradual decrease in employment over the next five years, with an expected decline at a 5-year CAGR of -0.65%. The sector is forecasted to reach 65.99 million hours by 2028, reflecting a possible 3.23% decrease from 2023.
Future trends to watch for:
- Automation and technological advancements, which could impact the number of hours worked.
- Changes in trade policies and global supply chain dynamics.
- Shifts towards green energy and sustainable manufacturing practices.
- Labor market changes, including the availability of skilled labor and workforce upskilling initiatives.
