Just two of six Canadian manufacturing industries assessed in a new Conference Board of Canada (CFB) report are projected to achieve pre-recession production levels by 2015.
Of six industries surveyed in the Canadian Industrial Profile-Summer 2011, released this morning, aerospace and motor vehicle parts manufacturers are the only sectors projected to exceed their 2007-08 output by 2015.
The remaining industries are furniture products, paper products manufacturing, printing services and wood products manufacturing.
The report was published by the CFB in association with the Business Development Bank of Canada.
“Uncertainty is the watchword for all of these industries,” Michael Burt, associate director, industrial economic trends for the CFB, said in a press release.
“The current global economic turbulence increases the general risk to these industry outlooks. As well, industry-specific factors are adding levels of concern.”
The report projects that Canadian aerospace production will reach its low point in 2011 before outputs begin to rise next year.
It notes that global passenger and freight air traffic has recovered from the effects of the recession, but looming budget cuts in Western Europe and the United States will negatively affectthe defence segment of the industry.
Wood products manufacturing is projected to struggle in conjunction with the U.S. housing market slowdown. Growth is expected to pick up next year with the projected rebound in North America and industry inroads into export markets such as China.
Production and profits for printing services are projected to remain flat through 2015, affected by the transition of advertising from print to digital formats.
Jenny Wagler
Twitter: JennyWagler_BIV