Canadian manufacturing sales began the year on a down note, declining 0.2 per cent in January, the fourth decline in the last five months. However, weakness was not broad based with just 7 of 21 manufacturing sectors posting declining sales. Adjusting for inflation, Canadian manufacturing sales were 0.4 per cent lower.
Sales in the BC manufacturing sector rose 2.1 per cent in January, and were 1.4 per cent higher year-over-year. BC manufacturing growth continues to be lead by a strong rebound in the forestry sector as evidenced by a 19 per cent year-over-year increase in wood products. We anticipate the rebound in wood product shipments to be an ongoing story through 2013 as the US housing sector gains strength. Today's US housing starts data showed that home builders down south broke ground on 917,000 homes at a seasonally adjusted annual rate while building permits advanced to their strongest level since June 2008.
Copyright British Columbia Real Estate Association. Reprinted with permission.