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Manufacturing revenues on the rise

Alberta’s factory sales posted the largest gain among all provinces in August

By Siddhartha Bhattacharya, ATB Economics 23 October 2023 1 min read

Factory revenues gained momentum in Alberta in August and posted the largest increase in the country.

According to new Statistics Canada data, the value of seasonally-adjusted manufacturing shipments in Alberta grew by 6.0% ($489 million) to reach $8.7 billion in August, following a 4.7% increase in July.

Alberta posted the largest increase compared to the rest of the country where revenues were practically unchanged in the month.

The gain came on the heels of increases across most sub-sectors. After holding fairly steady since April, revenues from petroleum and coal products soared 16.4% in August and was alone responsible for over two-thirds the aggregate increase.

Noteworthy performances from other sectors in the month include chemicals (+5.5%), machinery (+5.8%), wood (+4.8%) and food (+0.9%) manufacturing.

The story, however, is less positive compared to last year when exceptionally high commodity prices bolstered Alberta’s factory sales. Since then, industrial prices of refined petroleum (-15.6% year-to-date or YTD), chemicals (-7.1% YTD) and wood (-27.7% YTD) products have eased significantly in 2023. It is mainly due to this reason that Alberta’s factory sales were down 4.6% YTD relative to the first eight months of 2022.

Meanwhile, national sales were up 1.5% YTD led by Ontario (+7.2%) and Manitoba (+6.5%).

Answer to the previous trivia question: There were just over 125,000 non-permanent residents in Alberta on July 1, 2023.

Today’s trivia question: The 2023 Major League Baseball World Series will be underway soon. When was the first World Series held?

Seasonally-adjusted manufacturing shipments in Alberta reached $8.7 billion in August

Seasonally-adjusted manufacturing shipments in Alberta reached $8.7 billion in August

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