From 2013 to 2023, salaries and wages in the Semiconductor and Other Electronic Component Manufacturing sector in Canada showed an overall increasing trend, peaking in 2019 with a value of 942.86 million CAD. However, the years 2020 to 2023 experienced fluctuations, with a slight downward trend and ending at 852.54 million CAD in 2023.
Year-on-year variations indicate:- A significant rise of 14.95% in 2014 and steady growth up to 2019.- A notable drop in 2020 by 6.73%.- Minor fluctuations around 0.73% in 2021 but a further decline of 1.91% in 2022 and 2023.
The Compound Annual Growth Rate (CAGR) over the past five years (2018-2023) is negative at -0.82%, showcasing a very modest decline over this period.
Looking ahead, the forecasted values suggest a continued downward trend, with a forecasted 5-year CAGR of -1.58%. By 2028, salaries and wages are expected to fall to 772.19 million CAD, reflecting a total decline of 7.65% from 2023 levels.
Future trends to watch for:- Technological advancements potentially reducing the need for manual labor.- Economic factors influencing wages within the high-tech manufacturing sector.- Possible policy changes affecting the electronics manufacturing landscape.
