Canadian Manufacturing GDP
- Several national and international factors continue to generate variability in the Gross Domestic Product (GDP) of the Canadian manufacturing sector.
- Many of the same factors also influence local manufacturing activities, contributing to ongoing variability in key indicators such as employment.
- After declining in 2018, quarterly average manufacturing employment in Peel increased in the first two quarters of 2019.
- At 128,700 persons, quarterly average manufacturing employment was the highest Q2 employment in Peel since peaking in 2004 and 2005.
Peel’s manufacturing sector represents an important (though diminishing) part of the Canadian manufacturing sector, and therefore, in the absence of Peel specific data on output, changes in the Gross Domestic Product of the Canadian manufacturing sector offer some indication of possible changes in Peel.
Based on this, an assessment of both Canadian indicators of manufacturing production (GDP) and available Peel specific manufacturing indicator (manufacturing employment) are included in this section.
Canadian Manufacturing Gross Domestic Product (GDP)
Annual changes in Canadian manufacturing GDP have varied over time under the influence of both international and domestic factors (such as automation).
Over the past five years, annual growth in Canadian manufacturing GDP ranged from a high of 3.0 per cent (in 2014) to a low of 0.6 per cent (in 2015).
The variability in Canadian manufacturing GDP has also been evident in shorter-term (quarterly) changes which have ranged between 1.4 per cent and -0.3 per cent over the past six quarters.
In 2019, the variability continued as quarterly manufacturing GDP grew by 0.3 per cent in Q1 2019 before declining by 0.1 per cent in Q2.
Manufacturing Employment in Peel’s Labour Market
Since peaking in 2004, manufacturing employment in Peel’s labour market has trended down in response to changing market conditions, particularly in auto manufacturing.
Manufacturing employment reached its lowest level in 2012 and while not returning to peak levels attained in 2004, it has trended upwards since then.
In Q1 and Q2 2019, quarterly average manufacturing employment in Peel continued to increase, up 28.3 per cent (27,600 positions) and 30.5 per cent (30,100 positions) respectively, relative to the corresponding quarters of 2018.
In Q2 2019, the quarterly average manufacturing employment in Peel stood at approximately 128,700 persons, the highest Q2 manufacturing employment in Peel since peak levels were attained in 2004 and 2005.