Carlos Gomes
Carlos Gomes
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In Ontario, job losses in manufacturing have accelerated in recent months alongside announced layoffs in the key auto sector. However, Ontario's economy is well diversified and strength in the service sector, which accounts for more than 70 percent of overall employment and economic activity, should support vehicle sales of about 590,000 units in 2006 - in line with the average of the past two years.
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BC is a very diversified economy, with strength in the high-tech industries, expanding natural gas and base metal sectors and booming non-residential construction. However, slowing exports in the province's key forest products sector will likely hold back gains in employment and vehicle sales in 2006.
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B.C. is a very diversified economy, with strength in the high-tech industries, expanding natural gas and base metal sectors and booming non-residential construction. However, slowing exports in the province's key forest products sector will likely hold back gains in employment and vehicle sales in 2006.
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Household income in India is advancing at a double-digit pace and estimates suggest that 24 million households will be able to afford a new car by 2007.
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Once these restructuring initiatives are complete, North American capacity for the 'traditional' Big Three will likely drop below 10 million units, down from over 12.5 million in 2005.
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Energy and interest costs now absorb a record one-quarter of overall household disposable income.
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In recent months, both General Motors and Ford have announced plans to close numerous facilities, eliminating roughly 2.4 million units of North American capacity through 2008. We estimate that once these restructuring initiatives are complete, North American capacity for the 'traditional' Big Three will likely drop below 10 million units, down from over 12.5 million in 2005.