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BC economic growth will be Canada's highest

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. 

For more information, please contact: 

Cameron Muir Brendon Ogmundson
Chief Economist Economist
Direct: 604.742.2780 Direct: 604.742.2796
Mobile: 778.229.1884 Mobile: 604.505.6793
Email: cmuir@bcrea.bc.ca Email: bogmundson@bcrea.bc.ca

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.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.

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