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Manufacturing to help sustain economic growth this year

Manufacturing to help sustain economic growth this year

Posted on: 5/16/2018 | Author: ATB Financial's Economics + Research Team

​​The sale of manufactured goods in Alberta continues to improve and help fuel economic growth in the province. In March, total manufacturing shipments grew nearly one per cent from one month earlier and reached $6.2 billion. Compared to March of last year, shipments from Alberta factory floors were up a little more than five per cent.

From February to March, sales gains were recorded in nine of manufacturing’s sub-sectors. The most notable monthly increases included machinery manufacturing (+5.1 per cent), food manufacturing (+3.1 per cent) and wood product manufacturing (+3.0 per cent).

The province’s manufacturing sector is taking on 2018 with a lot of momentum. Shipments in virtually all of manufacturing’s subsectors remain well above the previous year’s levels and continue to perform strongly. Over the past six months, total manufacturing shipments have topped above $6 billion, something not achieved in Alberta since 2014.

Plenty of the manufacturing momentum has to do with the stabilisation and resurgence of Alberta’s energy sector. For example, machinery manufacturing is up almost 18 per cent from last year, and petroleum manufacturing is up by a little more than 14 per cent year-over-year.

This year, it’s expected that the manufacturing sector will help keep Alberta on track to achieving economic growth.

Manufacturing shipments, graph

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