The total hours worked in Ships and Boats Building in Canada were forecasted to grow steadily from 2024 to 2028. Starting at 20.34 million hours in 2024, a progressive increase is anticipated, reaching 21.6 million hours by 2028. While the actual figures for 2023 were not included, the forecast shows consistent growth, with the annual percentage increase averaging around 1.5% to 1.7% per year. The compound annual growth rate (CAGR) over the 5-year period remains favorable, signifying a stable upward trend in labor demand in this sector.
Future trends to watch for:
- Impact of technological advancements on labor efficiency and hours worked.
- Potential shifts in global demand for Canadian-built ships and boats.
- Regulatory changes and their implications on industry labor requirements.
