In a recent study conducted by Canadian Manufactures and Exporters (CME), Food & Consumer Products of Canada (FCPC) and BDO Canada analyzed businesses expectations and the outlook for manufacturing over the next three to five years.
Polling 649 companies throughout Canada, the study found manufacturers optimistic about prospects for growth and profit opportunities, while concerns surrounded the lack of a cohesive national strategy that addressed important challenges. Approximately three out of four of businesses polled stated they anticipated to see profits rise by 2015 while 77 per cent expect to see an increase in production volumes.
"Canadian manufacturers continue to battle tough economic conditions, ongoing labour strains, soaring costs, and increased competition in primary markets," explains CME President & CEO, Jayson Myers. "But they see the opportunity, both here at home and around the world. It's now up to policymakers to ensure businesses can access those opportunities, create good, high-paying jobs, and invest in their futures."
The study was focused around five core priorities outlined by CME that are needed to establish a world-class manufacturing sector in Canada including increased support for the attraction of productivity and investment, a strategy to solve the skills gap and a reduction in regulatory burdens. CME also specified in its study the need for an enhanced cooperation with the US as well as an analysis of trade agreements that eliminate barriers for Canadian manufacturers to enter new markets.
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"Canadian manufacturing – particularly of foods, beverages and consumer goods – has the potential to be an even greater economic driver," says FCPC President & CEO, Nancy Croitoru. "But to fulfill that potential, it must be a strategic priority for all levels of government. We need to improve locally, grow globally, and continue capitalizing on the strengths of our people, our natural resources, and our stable economy."
The survey was conducted between May 22nd and July 1st polling Canadian manufactures and their suppliers for their thoughts on current and the future of industry business conditions.