The Cutlery and Hand Tool Manufacturing industry in Canada has experienced a varied trajectory in salaries and wages over the past decade. From 2013 to 2023, values have fluctuated with significant increases in certain years, such as 2018 (23.02%) and 2020 (18.51%), and declines in others, like 2019 (-14.16%). Over the last two years (2022-2023), wages have increased by 5.14% and 4.84% year-on-year respectively. In 2023, salaries and wages stood at 211.46 Million Canadian Dollars. The compound annual growth rate (CAGR) over the past five years has averaged at 2.88%.
Looking into the future, forecasted values suggest steady growth with a forecast 5-year CAGR of 3.2%, resulting in a projected industry wage value of 258.82 Million Canadian Dollars by 2028. Key trends to watch include technological advancements in manufacturing processes, increased automation, and potential economic fluctuations impacting wage structures.
