| A Diverse Product Base Manufacturing The Provinces manufacturing sector continues to expand. The value of shipments for the January to August period increased by 9.5% on a year over year basis. At this pace, shipments for the year are likely to exceed the record level of $1.76 billion set in 1998. Manufacturing employment has also been strong, increasing by 4.5% in the January to October period. Strong performances from the traditional components: fish, newsprint and petroleum, coupled with the growth of innovative and non-resource manufacturers have helped spur the industry. Manufacturing outside the traditional sectors has grown in recent years and now comprises some 400 firms employing over 7,000 people. There are a number of enterprises carving out niche markets for their innovative, technology oriented manufactures:
The importance and growth potential of small-scale manufacturers is recognized as key to the continued diversification of the manufacturing industry. For this reason it is the focus of a provincial strategic planning initiative to encourage local manufacturers to adopt international best practices and ensure that the Provinces business climate continues to be one that is supportive of manufacturing development. Factors already in place that enhance the business climate for manufacturers in Newfoundland and Labrador include the availability of world class research and training facilities, a broad range of fiscal advantages and special incentive/support programs such as EDGE and the Export Awards program. Continued development efforts, increased activity in the oil and gas industry and favourable market conditions for its traditional components all bode well for the growth prospects of the manufacturing industry. |