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Manufacturing pauses slightly in June

Manufacturing pauses slightly in June

Posted on: 8/17/2017 | Author: ATB Financial's Economics + Research Team

The recession took a toll on the value of manufacturing in Alberta, evident in the graph below. The slump in the energy sector punished not only the value of oil and gas related products but other sectors as well.

After topping $6 billion in May, the total value of manufacturing shipments in Alberta slipped back slightly in June to $5.95. Despite the small pullback, manufacturing activity in Alberta remains on an upward trend. Over the last 12 months, its total value is up by more than six per cent compared to the previous 12 month period.

The drop in June was driven by lower shipments of refined petroleum products, which fell from over $1.3 billion to $1.2 billion due to lower prices as well as some temporary refinery outages. Refined petroleum products are one of the largest contributors to Alberta’s manufacturing sector.

Moving in the opposite direction, food and beverage processing jumped in June to nearly $1.3 billion, surpassing refined petroleum in terms of value. Alberta’s agrifood industries were a leading growth sector throughout last year’s recession and continue to diversify and strengthen the economy in 2017.

Chemical production slipped in June, but that was offset by gains in plastics, wood products and fabricated metal products—all of which gained ground month-over-month and are now solidly above their levels of a year ago.

Alberta manufacturing shipments, graph?

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