Labour costs in the ships and boats building industry in Mexico have shown significant fluctuations over the past decade. The peak was in 2013 at 793.37 million Mexican Pesos, followed by a sharp decline in 2014. From 2015 to 2023, labour costs have generally trended downward, with minor year-over-year variations.
- Between 2019 and 2023, the year-on-year changes have shown a decreasing trend, with costs dropping steadily from 316.87 million pesos in 2019 to 302.26 million pesos in 2023. - The most recent data in 2023 indicates a slight dip of 1.16% compared to 2022.
The Compound Annual Growth Rate (CAGR) over the last five years leading to 2023 is approximately -1.92%. The forecast from 2024 to 2028 suggests a continued decline, projecting a 5-year CAGR of -1% and an overall growth rate decrease of 4.9% by 2028.
Future trends to watch include potential technological advancements that could drive operational efficiencies, shifts in global trade policies affecting ship and boat demand, and economic conditions influencing labour cost fluctuations. Monitoring government regulations and investments in this industry will also be crucial.
