Canadian car sales are contributing to a manufacturing resurgence, according to a recent Scotiabank report.
“Record auto sales and production across North America are reviving the Canadian auto industry,” said Carlos Gomes, Senior Economist and Auto Industry Specialist at Scotiabank, in a written release.
“The auto sector is leading the manufacturing resurgence across the Canadian industrial heartland, is gaining market share globally, and momentum has accelerated in the opening months of 2015,” said Gomes.
The Scotiabank Global Auto report found that low gasoline prices have bolstered strong car and light truck sales in Canada, with volumes climbing to an annualized 1.86 million last month to account for record sales in March.
Vehicle sales in the U.S. were also strong, climbing back above an annualized 17 million units in March and up from an average of 16.4 million during the previous two months.
Scotiabank economists say global car sales climbed to record highs in February, but the gain moderated to less than one per cent above a year earlier — the smallest increase in two years.
Western Europe had the fastest growth, followed by solid gains in North America. Activity continued to weaken in both Eastern Europe and South America.
