Labour costs in the Coke and Refined Petroleum Products sector in Canada are projected to increase steadily from 2024 to 2028, with values rising from 1.56 to 1.64 billion Canadian dollars. As of 2023, the labour cost stood at 1.54 billion Canadian dollars. The year-on-year growth rates between 2024 and 2028 average around 1.3%. Over the past two years, the industry experienced a slight acceleration in cost increase, with a five-year Compound Annual Growth Rate (CAGR) indicating a moderate growth pace.
Future trends to watch:
- The impact of technological advancements on efficiency and labour demand.
- Potential regulatory changes affecting the industry's cost structure.
- Global oil price fluctuations influencing operational costs.
- Labour market dynamics, such as talent shortages or wage pressures.
