Manufacturing activity resilient in March
Sales in Alberta were 33% higher than 12 months earlier
By Siddhartha Bhattacharya, ATB Economics 17 May 2022 1 min read
At $8.8 billion in March, Alberta’s seasonally adjusted manufacturing shipments were $350 million (+4.1%) up from February and $2.2 billion (+33.1%) above the March 2021 level.
On the back of higher oil prices, refined petroleum products climbed $276 million (+11.4%) higher in March and drove 79% of the total monthly increase. Meanwhile, factory sales of transportation equipment (-36.2%) and machinery manufacturing products (-17.9%) contracted for the first time this year.
On an unadjusted basis, revenues were up by $5.0 billion (+39.3%) year-to-date, with food products and petroleum and coal products responsible for over two-thirds the increase.
After accounting for seasonality, national shipments grew $1.7 billion (+2.5%) in March, driven by big increases in refined petroleum products (+46.8%) and primary metals manufacturing (+20.9%).
Compared to the pre-pandemic level set in February 2020, New Brunswick and Saskatchewan were the farthest along (in percentage terms) while Newfoundland and Labrador was the only province lagging behind using this metric.
In terms of year-to-date gains in value, Alberta’s factory sales stood third in line after Ontario and Quebec.
Answer to the previous trivia question: About three-quarters (72%) of the new vehicles sold in Canada in March were manufactured in North America.
Today’s trivia question: When was the last time the Calgary Flames and Edmonton Oilers faced each other in the playoffs?