Canadian manufacturing sales increased 2.5 per cent in July to $53.7 billion, surpassing the previous record monthly dollar volume set in July 2008. Sales were higher in 16 of 21 manufacturing sub-sectors.
In BC, manufacturing sales were up 0.2 cent on a monthly basis, and were 10.4 per cent higher year-over-year. Through the first seven months of the year, manufacturing sales are 6.3 per cent higher than last year. The durable goods sector, which includes wood products, mineral products and machinery and equipment manufacturing, has bounced back from a slow start, growing 2.8 per cent year-to-date. Non-durable goods like paper, clothing, and food manufacturing, have posted 10.6 per cent growth compared to 2013.
The manufacturing sector is one of the largest employers in British Columbia. Growth in sales should help drive employment and household income gains in markets with a large manufacturing base, which in turn will ensure a strong local housing markets.
“Copyright British Columbia Real Estate Association. Reprinted with permission.”