The month of January was a solid one for this province’s manufacturing sector.
This segment of the economy has been growing in importance for several years. Its growth was often overshadowed by the big three elements of the economy – potash, oil and farming. But has quietly been chugging along, generated income and jobs and it is spread through much of the southern half of the province.
The latest numbers we have on this segment come from January and they highlight just how this industrial group has performed. Revenues rose by nearly six percent compared to December. That is particularly strong for a single month and was the best performance among the provinces. That left the year-over-year expansion ahead of the national average as our annual sales for this part of the business community approach $18 billion.
The underlying metrics for this sector were also strong in January. Orders were rising while inventories were falling meaning that demand is positive, particularly in the fabricated steel industry.