Forecast: Employment in Travel Services Sector in Canada

The employment in the travel services sector in Canada has been characterized by a general downward trend from 2013 to 2023, with a few notable fluctuations. The number of million hours worked decreased significantly from 87.96 in 2013 to 54.15 in 2023. The year-on-year change ranged from a steep decline of 29.47% in 2020 to a growth of 26.7% in 2022. However, this recent recovery was short-lived, as the sector saw a decline of 13.33% in 2023.

Looking at the forecasted data from 2024 to 2028, we observe a continued decrease in employment hours, with a forecasted 5-year CAGR of -4.8%. By 2028, employment hours are projected to fall to 40.13 million hours, representing a total decrease of 21.81% from the expected value in 2023.

Future trends to watch for include potential impacts of technological advancements in travel services, shifts in consumer behavior due to evolving travel preferences, and the potential influence of global travel policies and health-related concerns. These factors could potentially create variabilities in employment levels within the sector.