Employment in the Scientific Research and Development sector in Canada, measured in Million Hours, showed a fluctuating trend from 2013 to 2023. The sector saw substantial declines between 2014 and 2016, with a notable recovery starting in 2017. From 2021, the trend turned very positive with substantial year-on-year growth: 17.15% in 2021 and 14.31% in 2022, finally reaching a healthy 9.38% in 2023, standing at 159.06 Million Hours.
Key points:
- From 2013 to 2016: Period marked by significant declines.
- 2017 to 2020: Moderate recovery with varied year-on-year growth rates.
- 2021 to 2023: Strong recovery with notable year-on-year increases.
The Compound Annual Growth Rate (CAGR) for the 5-year period ending in 2023 was a robust 8%. Looking forward, from 2024 to 2028, the sector is forecasted to grow at a relatively moderate 2.86% CAGR, culminating in a projected total growth rate of 15.16% over the next five years. Anticipated stability and incremental growth are prominent future trends in this sector.
Future trends to watch for:
- Continued innovation and funding in scientific research.
- Increased governmental and private sector investment.
- Emerging technologies driving new scientific ventures.
- Potential impacts of global economic conditions on funding and employment trends.
