Saskatchewan’s manufacturing sector is going through a bit of a slowdown.
For years this was one of the hottest segments of our economy, consistently posting growth numbers that were usually among the best in the country buoyed by strong demand from global agricultural buyers looking for the latest technology and petroleum production.
But tougher commodity markets and challenging weather conditions around the world have softened global demand and it is showing up in the numbers.
As inflation begins to fade, Saskatchewan manufacturers saw their revenues decline 13 per cent in May when compared to April, a drop that accounted for virtually the entire 15 per cent pull-back over the past year, falling under $2 billion a month for the first time in months.
That was the largest retrenchment in the country, underscoring the height of the peak the province’s manufacturers had been riding for the last few years. At the local level, the largest revenue pull-back was seen in Regina – down 21 per cent in May – while Saskatoon saw a decline of 10 percentage points in the month.
