Taking it on the chin
Report says Atlantic Canada’s manufacturers have seen better days
THE MANUFACTURING sector has been going through a tough time in Canada with lots of plant closures and job losses.
It turns out Atlantic Canada’s manufacturers have been hit especially hard since a recession rocked the global economy in 2009. According to a report released this winter by the Atlantic Provinces Economic Council, real manufacturing gross domestic product in the region was more than 10 per cent below 2004 levels, employment was 24 per cent lower and the number of manufacturing plants was down by about 30 per cent.
The Council’s senior economist, David Chaundy, says losses in exports and employment in the seafood and forestry industries is a key reason why manufacturing has been in such a slump in Atlantic Canada. However, the news isn’t all bad. Sectors like aerospace and pharmaceuticals are growing. “It’s not all a negative story,” Chaundy says. “And the woes of the forestry and seafood [sectors] mask some of the positive changes.”