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 homebuilders 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 BCREA -reprinted with permission
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