From 2013 to 2023, the number of employees in the electrical equipment industry in Canada has shown fluctuating trends but with an overall declining tendency. The data reveals substantial year-on-year variations, with significant drops observed such as a -12.75% decline in 2014 and more modest shifts like a 1.03% increase in 2019. The Compound Annual Growth Rate (CAGR) over the past decade illustrates an overall downward trajectory, averaging at -0.91% per year as of 2023. Notable declines continued year-on-year, reaching -1.14% in 2023 where the employee count stood at 31.65 thousand jobs. The five-year CAGR forecast suggests a continuing drop at -0.99%, estimating a total reduction of approximately -4.83% by 2028.
Future trends to watch for include:
- Technological advancements that may impact labor demand and employment patterns in the electrical equipment sector.
- Policy changes regarding trade agreements and labor laws that could influence employment trends.
- Global and regional economic conditions which could affect both supply and demand within the industry.
- Transition to renewable energy sources requiring different types of electrical equipment and potentially altering employment needs.