Canadian fabricated metal product manufacturers increased production and thus are improving their capacity utlization the latest Statistics Canada report shows. PHOTO courtesy REGO-FIX.
The capacity utilization rate for Canadian manufacturers rose from 77.5% in April to 80.3% in May due to higher production, Statistics Canada reports.
Fabricated metal product manufacturers specifically saw their capacity utilization rise significantly from the previous month, posting an 80.4% capacity utilization rate in May compared to 74.9% in April, a gain of 5.5%. They also enjoyed significant year-over-year improvement. Their capacity utilization rate in May of this year was 4.8% higher than that of May 2022.
There were noticeable gains in other manufacturing industries such as transportation equipment (+7.3 percentage points), non-metallic mineral product (+8.8 percentage points) and chemical (+4.5 percentage points) manufacturing.