OTTAWA, Ont. – Gross domestic product (GDP) advanced 0.5 per cent in January, marking the 18th consecutive monthly increase for a booming Canadian economy enjoying its longest growth cycle since 1961, when measurement of monthly GDP first began.
The January advance was shared by nearly all sectors of the economy, according to Statistics Canada. Of particular interest to truckers was the boom in construction activity and increased activity by manufacturers and mining companies.
Total construction activity surged 1.9 per cent in January, as work on residential, non-residential and engineering projects continued to rise.
“The strength in new housing was matched by equally solid growth in the non-residential building industry,” Statistics Canada reported in its Daily Bulletin. Mining activity, meanwhile, is being spurred by the highest oil prices since the Gulf War. Drilling and rigging firms haven’t been this busy in two years. n
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