Sales of Canadian Manufacturing Companies Increased by 1.1% in June

Updated on Friday 24th August 2018

Manufacturing represents one of the largest industries in the Canadian economy, a fact that is confirmed by the National Statistic Office, which reported a 1.1% increase for the month of June. Oil and coal exports were the branches that led to this increase. Foreign investors interested in starting a business in the manufacturing industry can rely on our company formation agents in Canada for assistance.

The second quarter of 2018 was good for the Canadian manufacturing sector

After May brought a 1.5% increase in manufacturing sales, June accounted for another 1.1% increase for Canadian companies in this sector which reported a total income of 58,1 billion USD in June. This growth was based on the 16% increase in oil and coal sales. These results are quite good, considering industry leaders had expected a 0.9% growth in June.

The increase registered in the manufacturing sector brought an overall increase for the Canadian economy, which further led to the creation of 54,100 new jobs in July. This triggered the largest drop in unemployment rates in the last 40 years. The unemployment rate fell to 5.8% in July 2018.

Our company registration representatives in Canada can offer information on the regulations imposed by each province when it comes to starting a manufacturing business.

Petroleum and coal - the best branches of the manufacturing industry

As mentioned above, petroleum and coal exports brought the 1.5% and 1.1% increase for manufacturing companies in May, respectively June. The factory sales contributed very much to this growth, as they rose by 15.9% in June. Several large refineries have increased the production levels after the spring maintenance. Also, the utilization rates of these refineries grew from 69.8% in the spring to 89.8% in the first month of summer.

At the other end, with not such good results were the drop in chemical and food product sales. Even if these drops were not high, they did have a minor effect on the economy.

Foreign investors can register companies at a federal or provincial level in Canada by considering the regulations imposed by the authorities. With the help of our local consultants they can set up companies in any industry, so please feel free to contact us anytime.