BCREA ECONOMICS NOW: Canadian Manufacturing Sales - September 16, 2015

Canadian manufacturing rose for the third time in as many months, increasing 1.7 per cent on a monthly basis in July. Sales were led by higher shipments of motor vehicle parts, which accounted for close to two-thirds of the gain. Overall, sales were higher in 12 of 21 Canadian manufacturing sub-sectors. In BC, where the manufacturing sector employs roughly 170,000 people, sales rose 0.5 per cent on a monthly basis and were up 2 per cent year-over-year. 

Solid manufacturing data in July is strong evidence that the Canadian economy is recovering from the shock of low oil prices, particularly in sectors helped by the weaker Canadian dollar. We expect that the recovery will continue into the third and fourth quarter with the Canadian economy eking out modest growth of about 1.1 per cent this year. Meanwhile, the BC economy continues to set the pace for Canada and remains on track to post the highest economic growth of any province in 2015.

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The British Columbia Real Estate Association (BCREA) is the professional association for more than 18,500 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients. 

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