Manufacturing Sales in Canada Supported by Increases in Wood Product Demand and Sales

Statistics Canada (StatsCan) is reporting that following the largest increase observed in seven months in January (+3.4%), manufacturing sales fell -1.6% to $55.4 billion in February on lower sales of transportation equipment. The declines were partially offset by higher sales in the petroleum and coal product, chemical, and wood product industries. In regard to wood products, StatsCan is reporting that wood product sales rose for the third consecutive month, up 4.0% to $4.3 billion in February on higher prices and volumes. Prices for lumber and other wood products increased 5.2% in February, while the volume of goods sold edged up 0.2%. The total value of building permits issued rose 2.1% in February and passed $10 billion for the first time on the continued strength of the housing market. While unfilled orders declined overall, wood products industry reported a 11.3% increase in unfilled orders in February.