The forecast for wages and salaries in the refined petroleum products and coke sector in Canada shows a consistent decline from 2024 to 2028, starting from 855.0 million CAD in 2024 to 768.0 million CAD in 2028. This indicates a year-on-year decrease averaging around 3% annually. The compound annual growth rate (CAGR) over this five-year period shows an approximate average yearly decline of 2.6%. Compared to the actual data in 2023, this downward trend suggests a continuing decrease in wage and salary expenditure in this sector.
Future trends to watch for include potential impacts of energy transitions, regulatory changes, and technological advancements which could further influence labor costs and staffing needs in the refined petroleum products and coke industry. Monitoring these factors will be crucial for stakeholders in adapting their strategies accordingly.
