Employment in the Scientific Research and Development sector in Canada experienced significant fluctuations between 2013 and 2023. Initially, there was a downward trend from 62.14 thousand units in 2013 to 56.45 thousand units in 2016. This was followed by a slight recovery to 57.31 thousand units in 2019. However, starting in 2020, the sector saw notable growth, reaching 88.61 thousand units by 2023. The year-on-year variations indicate a stark change, with significant growth rates in the last few years: 17.34% in 2021, 13.78% in 2022, and 12.46% in 2023. The last five years saw an average annual growth rate (CAGR) of 9.32%. The forecast anticipates continued growth, projecting 138.09 thousand units by 2028, with a 5-year CAGR of 6.97%.
Future Trends to Watch for:
- Increased investments in scientific research and development driven by innovation and technology advancements.
- Government policies and funding initiatives promoting R&D activities.
- Potential impacts of global economic factors, such as trade policies and international collaborations.
- Evolving workforce skills requirements focusing on STEM (Science, Technology, Engineering, and Mathematics) competencies.
