Released on May 15, 2008
The value of Saskatchewan's manufacturing shipments for March 2008 took a leap forward over last March, bucking the decline experienced across most of Canada for the same period.
In March 2008, Saskatchewan's manufacturing shipments totalled $1 billion, up 6.3 per cent over March 2007, the second highest increase in Canada (seasonally unadjusted). New Brunswick had the highest increase at 27.5 per cent. Aside from small increases in Nova Scotia and Newfoundland and Labrador, every other province had a drop, resulting in a national decrease in sales of 10.7 per cent.
"Saskatchewan's economy continues to experience growth in manufacturing levels, counter to the national trend that had a decline on a year-over-year comparison," Enterprise and Innovation Minister Lyle Stewart said. "Much of the increase in the value of manufacturing shipments can be attributed to the wide-range of quality products we produce in the province that includes food processing, farm equipment and oil refining."
In the first three months of 2008, manufacturing shipments totalled over $3 billion, and an increase of nine per cent when compared to the same period last year, and the third highest growth rate amongst the provinces. The national average on a year to date basis had a drop of 5.5 per cent.
On a seasonally adjusted basis, Saskatchewan had a slight decline in manufacturing of 3.7 per cent, between February and March, consistent with national figures which dropped by 1.6 per cent.
"In spite of considerable pressure on the manufacturing sector with the high Canadian dollar, the increases are a sign that our manufacturing sector is very competitive," Stewart said. "Businesses in this sector are in-tune with market demands, and we are confident they will continue to prosper over the long term."
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For more information, contact:
Deb Young
Enterprise and Innovation
Regina
Phone: 306-787-1691
Email: Deb.Young@gov.sk.ca