Canadian Wood Product Sales Jump 9.1% in January Driven by Higher Sales Volume and Prices

Statistics Canada (StatsCan) is reporting that manufacturing sales rose 3.1% to $56.2 billion in January, following a 1.3% gain in December. Sales were up in 16 of 21 industries, driven mainly by the wood products, computer and electronic products, and primary metal industries. Motor vehicle manufacturing posted the largest decline. In constant dollars, manufacturing sales were up 1.1%, indicating a higher volume of goods sold in January. Wood product sales jumped 9.1% to $4.1 billion in January, driven by higher prices and sales volumes. Prices for lumber and other wood products increased for the ninth time in 12 months, rising 10.8% in January. This industry has been one of the main contributors to manufacturing sales increases since the easing of restrictions after the first wave of the pandemic. Exports of forestry products and building and packaging materials were up 10.7% in January. The value of building permits issued in January increased 8.2%.