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Current economic conditions
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Since the beginning of 2006, services accounted for all the growth in output and jobs, thanks mainly to wholesale trade and, to a lesser extent, to finance and information industries. Many consumer-related industries took a respite from their recent rapid gains. This break was partly offset by a pickup in government spending, notably for the census.
On the Prairies, all components of household demand continued their steady growth. Retail sales increased again in May, and are up nearly 10% since December. Housing starts rose to 51,000 units (at an annual rate) in June, close to their all-time high recorded in March. Alberta's population has grown by nearly 10,000 every month this year. This alone would represent a need for some 50,000 additional dwellings per year.
After a slow start to the second quarter, economic conditions in British Columbia quickly improved. Non-residential construction expanded rapidly earlier in the year and, in May, this began to have an impact on manufacturing production.
Ontario again relied primarily on the housing sector for its growth, with housing starts continuing to rise in June from their low in April. Exports and shipments in the automotive sector continued to decline, despite the rebound posted by the Canadian plants of foreign manufacturers. This weakness of exports and shipments helped curtail retail sales, which fell 1.9% in May, the steepest decline in the country.
Household demand also remained weak in Quebec. However, manufacturing picked up, as in the West. Shipments jumped 3.2% in May, led by capital goods, which largely offset a sudden one-third drop of refinery shipments, following temporary stoppages for maintenance. Shipments rose 67% for transportation equipment, including nearly $600 million for aircraft shipments.
Definitions, data sources and methods: survey numbers, including related surveys, 1301, 1901, 2152, 2306, 2406 and 3701.
The print version of the August 2006 issue of Canadian Economic Observer, Vol. 19, no. 8 (11-010-XPB, $25/$243) is now available. This issue summarizes the major economic events that occurred in July and presents the article "Converging gender roles".
For more information, or to enquire about the concepts, methods or data quality of this release, contact Philip Cross (613-951-9162; ceo@statcan.gc.ca), Current Economic Analysis Group.
