The 2012 industry outlook for Canada is looking good especially for the construction industry and equipment manufacturers in the transportation sector. In its recent annual outlook for the construction industry, the Association of Equipment Manufacturers (AEM) - a trade association headquartered in the U.S. with offices in Canada, China and Belgium - is predicting continued growth for 2012 through to 2014.
The AEM had conducted a poll in December 2011, among its construction equipment manufacturing members. The survey results covered nearly 40 different kinds of whole machines, attachments and components. ?One of the key positive findings was the expected continued strength in export demand. ?In particular, Canadian business expects to be 9% higher this year and then increase to 9.8% in 2013. ?But on the international side of the industry, there is an anticipated gain of 10.5% in 2012, falling to 9.5% in 2013 (which is still healthy growth).
AEM president Dennis Slater said, "Export sales have been crucial to help many manufacturers get through the recession, and they still contribute greatly to a positive balance sheet for many companies. That's why export-friendly policies such as free trade agreements are important to keep American companies in business."
The Canadian Construction Industry (CCA) corroborates this positive sentiment in its 2012 forecast. ?It predicts construction spending in 2012 will increase by 6.2% from $371 billion in 2011 to $394 billion in 2012. Statistics for Canada also estimated that construction spending in the mining and oil and gas extraction sectors will grow by 17.7% in 2012 to $87 billion. The CCA noted these sub-sectors are the largest in the country and account for a significant portion of annual construction equipment sales.And further indications from a recently released PriceWaterhouseCoopers study, estimates that over the course of the decade, Canada's construction market would become the world's fifth largest, following only China, the United States, India and Japan. The CCA believes current Canadian economic indicators support this forecast, which is why construction employment yet again reached historic highs in 2011.
There's no doubt that the Government stimulus helped demand from public sector clients. ?However, the CCA does expect future growth will be driven by private sector demand particularly in oil, gas, mining, forestry and manufacturing.?
The construction industry employs about 1.26M Canadians or 7% of the total workforce, generating about $90B (CN) in economic activity or 6% of GDP. ?The construction industry is responsible for a significant portion of the transport industry, by the mere fact that when the transport network needs upgrading, the construction industry is involved. ?Canada is a vast landscape and even between Canada and the US are thousands of miles of roads, bridges and rail.So when the construction industry predicts steady growth, that is good news for Canada and the manufacturing sector. 2012 is the year to Take Back Manufacturing?(TBM) for the future of Canada. ?To learn more about this initiative with the SME, click here.
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