From 2013 to 2023, the Electric Lighting Equipment Manufacturing salaries and wages in Canada grew initially, peaking at $369.49 million in 2018 before a consistent decline set in. By 2023, these stood at $318.48 million. Notably, growth rates in the early years saw positive trends (e.g., 19.67% in 2015 and 19.13% in 2017). However, the later years of the series show continuous negative year-on-year variations, culminating in a -3.56% drop in 2023. The last five-year CAGR to 2023 is -2.93%, indicating a downward trend.

Projections to 2028 forecast an ongoing decline in this sector, with a five-year forecast CAGR of -3.15% and an overall forecasted reduction of -14.79% in value. By 2028, salaries and wages are expected to be $261.45 million.

Future trends to watch for:

The impact of automation and technological advancements on labor demand
Potential policy changes affecting manufacturing industries
Shifts in global supply chains and market demand for electric lighting equipment