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Canada’s industrial capacity hits highest level since 2007

Canada's industrial capacity utilization rate rose in the first quarter and reached its highest level in about 10 years, Reuters reported June 9.

In the first quarter, Canadian industries operated at 83.3% of their production capacity, up from a downwardly revised 81.8% in the fourth quarter of 2016.

The latest rate, which was boosted by the manufacturing and construction sectors, was the highest level since the third quarter of 2007, according to the Reuters report.

Manufacturing operated at 83.4% of its capacity, with an increase in the utilization rate recorded in 15 out of 21 of the main manufacturing industries.

Meanwhile, residential building and repairs drove up the construction sector's capacity utilization rate to 86.6%, just the second increase in nine quarters.

Capacity utilization decreased to 80.8% in the oil and gas extraction sector, Reuters reported, as increased industrial activity was offset by lower oil extraction volume.