Alberta is starting to see a rebound in its manufacturing sector this year.
According to ATB Financial, it’s climbed 14.2 percent year-over-year in November, to 124,500 Albertans. Its 20,600 more people who are now working in this sector than in November 2016.
However, the bank says that despite the increase, the manufacturing sector still has a ways to go after the recent recession. During that time, drops in sales contributed to a loss of 33,000 jobs between 2014 and 2016, representing a 22.8 percent drop.
ATB further explained in a press release that this sector is closely aligned with the oil and gas extraction sector. Many manufacturers in Alberta either process crude or natural gas into other products, like gasoline and plastic.
As well, they supply the oil and gas extraction sector with products like pumps and valves.
And so, the bank says that when oil and gas prices fall, a large portion of manufacturing feels the pain as well.
– Posted by BET
