Canada's plan to boost defence expenditure to $23bn by 2028, outlined in GlobalData's latest report on the "Canada Defense Market 2023 -2028", signals a modernisation effort and fuels a job market in the aerospace and defence sector.
The data reveals players in the industry actively recruiting, aligning with Canada's strategic push to enhance its military capabilities.
Canada's defence strategy, aimed at fortifying national interests and global security alliances, has set the stage for a defence budget increase. According to GlobalData's report, the nation's defence spending is driven by a steady compound annual growth rate (CAGR) of 2.7% from 2024 to 2028.
While the report highlights Canada's progress in updating its armed forces with the acquisition of F-35A fighter jets and Boeing's P-8A Poseidon, it also emphasises the challenges faced, particularly in naval modernisation. The Canadian Surface Combatant (CSC) Project faces hurdles like cost overruns and delays, impacting the timely replacement of ageing frigates.
Amidst these defence endeavours, GlobalData's job analytics database highlights that the job market in Canada is experiencing a notable surge, especially in the aerospace and defence sectors. With 911 active jobs, Boeing leads the employment landscape, closely followed by RTX Corp and CAE Inc. These companies play a role in Canada's defence modernisation efforts, contributing to advancing air and naval capabilities.
The GlobalData jobs data also reveals the most sought-after occupations in this surge, with software and web developers, programmers, and testers leading the pack. Aerospace engineers, electrical and electronics engineers, and various IT-related roles showcase the dynamic nature of the job market responding to Canada's defence ambitions.
As the Canadian government strives to balance defence spending and other societal priorities, the parallel growth in the job market shows the economic impact of these defence initiatives. The hiring trends indicate a thriving industry, with companies actively seeking skilled professionals to contribute to Canada's evolving defence landscape.
Canada's defence modernisation not only reshapes its military capabilities but also propels job growth in the aerospace and defence sector, reflecting a symbiotic relationship between national security and economic prosperity.
Our signals coverage is powered by GlobalData's Thematic Engine, which tags millions of data items across six alternative datasets — patents, jobs, deals, company filings, social media mentions and news — to themes, sectors and companies. These signals enhance our predictive capabilities, helping us to identify the most disruptive threats across each of the sectors we cover and the companies best placed to succeed.
