The labour costs in the air and spacecraft and related machinery sector in Canada stood at 7.44 billion Canadian dollars in 2023. From 2013 to 2023, the sector experienced fluctuating annual changes, including significant increases in certain years (e.g., a 10.63% increase in 2014) and notable decreases in others (e.g., an 8.95% decline in 2016). Over the last two years, costs increased steadily by around 2.3% annually, with a CAGR of 3.66% over the last five years. Forecasts indicate a continuing upward trend with costs expected to reach 8.31 billion dollars by 2028, implying a forecasted 5-year CAGR of 1.75% and a total growth rate of 9.04% over the period.
Future trends to watch for:
- Technological advancements impacting labour needs
- Global economic factors influencing the aerospace industry
- Shifts in government policies and funding for aerospace projects
- Implications of global supply chain changes on labour costs
