The future continues to look promising for Canadian manufacturing sales.
Sales hit a record high of $72.3 billion in April after seven consecutive monthly increases and the indication is the monthly increases will continue. The total value of unfilled orders rose 2.9% to $103.9 billion in April, the sixth consecutive monthly increase and the highest level since March 2020, according to Statistics Canada data. The gains were mainly attributable to higher unfilled orders in the aerospace product and parts, fabricated metal, and machinery industries.
At the same time, the total value of new orders climbed 3.1% to a record high of $75.2 billion. The increase was led by higher new orders of aerospace product and parts, fabricated metals, and motor vehicles.
Manufacturing capacity utilization dipped in April, however. The capacity utilization rate decreased from 81.9% in March to 79.9% in April on lower production. The transportation equipment, petroleum and coal product, and machinery industries posted the largest declines.