Based on the expert analysis and our database of 480+ CA industries, IBISWorld presents a list of the Industries with the Highest Labor Costs in Canada in 2023
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View a list of the Top 25 industries with the highest labor costsLabor Costs for 2023: $9.2B
Demographic trends drive the rising demand for comprehensive primary care in Canada. An aging population's expanding medical needs are increasing the demographic's consumption of medical services. Primary care physicians are also first in line to help this demographic navigate complex conditions and visit specialists. Sudden population growth in Canada – an outcome of a surge in immigration and temporary residents – has also expanded the need for primary care physicians. Rising spending on primary care was abruptly disrupted by COVID-19, leading providers to navigate unprecedented financial and operating pressures. Telehealth adoption did help primary care providers continue to meet with... Learn More
Labor Costs for 2023: $8.0B
Electricity transmission companies in Canada are responsible for storing and distributing electricity from Canada's upstream generation facilities. They manage transmission and distribution networks that total over 160,000.0 kilometres to serve residential, industrial and commercial customers. Industry performance is reliant on electricity prices within provinces, although the inelasticity of energy demand and the high degree of regulation insulates transmitters from any significant revenue declines. Industry performance is also closely tied to demand from major industrial, residential and commercial markets. While residential market demand is somewhat inelastic, industrial and commercial output and demand are much more variable, so performance in these sectors... Learn More
Labor Costs for 2023: $6.1B
Oil and gas field service operators in Canada have experienced volatile market conditions throughout 2023. World commodity prices performed well throughout the reporting period. However, a fall in natural gas and crude oil prices adversely affected revenue in 2020 and 2032. This decrease in revenue can be mainly attributed to the COVID-19 pandemic and other geopolitical tensions that caused the collapse in oil and gas demand and prices. As economic conditions improved from the peak of the pandemic, demand for oil and gas returned to pre-pandemic levels and even reached new highs. As a result, IBISWorld forecasts revenue has been... Learn More
Labor Costs for 2023: $6.0B
The Law Firms industry in Canada has experienced growth, with revenue expected to increase at a CAGR of 1.8% to $18.7 billion over the five years to 2023, including an increase of 0.6% in 2023 alone. Demand for industry legal services has been facilitated by restructurings, secondary offerings and other capital market activity. This has benefited the industry's top firms, which receive the bulk of their revenue from corporate clientele. In addition, the industry's small- and medium-sized players benefited from a rise in Canadian business formation, which has expanded the overall pool of potential legal clientele. Also, strong growth in... Learn More
Labor Costs for 2023: $5.7B
The Commercial Building Construction industry in Canada builds and maintains office, retail, hotel and entertainment structures. Industry growth was determined by broader macroeconomic performance, which has been driven by commodity prices, corporate valuations and financial conditions. The COVID-19 pandemic weighed on commercial construction projects earlier in the period. Overall, industry revenue has been increasing at a CAGR of 0.1% over the past five years, and is expected to reach $36.9 billion in 2023, with an expected 1.5% growth in the current year.
The industry is particularly susceptible to economic contractions. This is because demand for its services relies on a robust... Learn More
Labor Costs for 2023: $5.3B
Plumbers in Canada are often contractors installing and maintaining plumbing fixtures, fittings and equipment. Plumbers hold specific licences to install, service and repair all types of pipes and drainage systems, such as faucets, ovens and toilets, for the catchment and distribution of water, liquids, gases and waste products. Plumbers are essential to the residential and nonresidential building markets, since plumbers are needed to install systems for new construction and repair, and maintain existing structures' systems. Residential renovation has been a major source of revenue recently, and maintaining and repairing of existing equipment also generates significant revenue. Industry revenue has grown... Learn More
Labor Costs for 2023: $5.2B
Property, casualty (P&C) and direct insurers service individuals and businesses by providing protection against a variety of man-made and natural events, such as car accidents, severe storms, wildfires, business theft and medical malpractice. The industry has slightly declined throughout 2023 but has still benefited from gradual growth in per capita disposable income and corporate profit, which have enabled industry operators to charge higher premiums. Moreover, as the Canadian population has grown, aged, urbanized and gotten progressively wealthier, demand was boosted for property, casualty and direct insurance. However, revenue is still expected to decrease at a CAGR of 0.5% to $77.6... Learn More
Labor Costs for 2023: $5.0B
Industrial wholesalers distribute a variety of products for multiple industries. These products include hoists, forklifts, diesel engines, pipes and valves. Despite the variety of product offerings, success is ultimately dependent on industrial and manufacturing activity in Canada. Downstream demand was negatively affected by the COVID-19 pandemic, with revenue falling 6.0% in 2020. Favourable economic conditions fuelled industry revenue growth in both 2021 and 2022, as downstream activity increased. Industrial wholesale revenue is expected to grow at a CAGR of 0.6% to $29.3 billion through the end of 2023, despite a dip of 1.0% in 2023 alone.
Growth in revenue alongside growing... Learn More
Labor Costs for 2023: $4.6B
Insurers in Canada have experienced steady growth amid the COVID-19 pandemic. Industry operators accept liability for annuities and life insurance policies, disability income and accidental death and dismemberment insurance policies, while also investing the premiums received by clients into a variety of financial securities. The industry has mainly suffered from the negative economic effects caused by the coronavirus pandemic, such as volatile interest rates and an increase in the morbidity rate. Despite this, revenue still grew at a CAGR of 2.5% to $114.3 billion, including a 1.9% rise in 2023 alone, when profit reached 0.9%. However, growth was limited due... Learn More
Labor Costs for 2023: $4.0B
The Road and Highway Construction industry builds, expands, alters and reconstructs roads, highways, streets and runways for the public and private sectors. Road and highway construction has benefited government spending on infrastructure, notably through the New Building Canada Plan and Investing in Canada Plan. Disruptions to projects due to the COVID-19 pandemic weighed heavily on industry growth around the middle of the current five-year period. Revenue is forecast to decline at a CAGR of 1.2% to $15.7 billion over the five years to 2023, including a 1.3% rise in 2023 alone, reflecting government capital spending increases.
Industry profit has trended downward... Learn More
Based on the expert analysis and our database of 480+ CA industries, IBISWorld presents a list of the Least Risky Industries in Canada in 2023
VIEW ARTICLEBased on the expert analysis and our database of 480+ CA industries, IBISWorld presents a list of the Biggest Industries by Employment in Canada in 2023
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