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Vehicle sales revving at the start of 2018

Vehicle sales revving at the start of 2018

Posted on: 4/5/2018 | Author: ATB Financial's Economics + Research Team

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One of the best ways to tell if the economy is growing or in a recession is by tracking new vehicle sales. In Alberta, car and truck sales confirm that an economic expansion is forming.

In January, total sales reached 16,162 vehicles amounting to $737 million. The number of vehicles sold was up about 7.5 per cent, and total sales were nearly 15 per cent compared to January of last year.

The overall increase in spending across Alberta at dealerships is likely caused by the province’s economic recovery. While some of the increase in sales is being driven by a rising population, price gains and pent-up demand, it's possible the majority of the rise in sales and dollars spent is being driven by stronger consumer confidence.

Alberta’s labour market is still recovering from two years of recession but has made strides. Wages have begun to rise in the province as well. This has left households feeling more optimistic about replacing their vehicles with newer models.

New vehicle sales, graph​​

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