Canadian manufacturing sales improved once again in August, rising 0.9 per cent on a monthly basis with broad based gains in 15 of 21 manufacturing sub-sectors. Adjusting for inflation, sales were up 1.2 per cent due to lower prices of some goods.
In BC, where the manufacturing sector employs approximately 170,000 people and is a key driver of economic growth, sales were sharply higher for a second consecutive month, rising 2.1 per cent on a monthly basis and 8.1 per cent year-over-year. The gains continue to reflect a strong rebound in the forestry sector, with shipments of wood products rising at a double digit pace year-over-year. Given strong manufacturing sales in August the BC economy remains on track to expand by a Canada leading 3.5 per cent in 2016.
Copyright British Columbia Real Estate Association. Reprinted with permission.