January 2020 year-to-date retail trade was up by 3.4% over the same period in 2019.

• Sub-sectors that posted increases were: New car dealers (17.9%), Gasoline stations (0.8%), Furniture and home furnishings stores (3.7%), Electronics and appliance stores (5.8%), Health and personal care stores (4.9%), Clothing and clothing accessories stores (5.6%), General merchandise stores (5.5%), and All other (6.4%).
• Sub-sectors that posted declines were: Used car dealers (-14.7%), Building material and garden equipment and supplies dealers (-2.6%), Sporting goods, hobby, book and music stores (-11.6%), Grocery stores (-6.3%), and Beer, wine and liquor stores (-1.7%).

January 2020 year-to-date new motor vehicle sales were down -1.9% from January 2019. New minivans, sport-utility vehicles, light and heavy trucks, vans and buses sales were down -1.8% while new passenger cars sales were also down -2.8%.

January 2020 year-to-date restaurant receipts were up 1.1% over the same period in 2019. Within restaurant receipts Special food services (9.4%), Drinking places (alcoholic beverages) (1.3%), and Limited-service eating places (4.1%) increased. At the same time, declines were noted in Full-service restaurants (-3.9%).

January 2020 year-to-date manufacturing sales were down by 19.5% over the same period in 2019.

• Sub-sectors that posted increases were: Fabricated metal product manufacturing sales (5.8%).
• Sub-sectors that posted declines were: Food manufacturing sales (-23.1%), Machinery manufacturing sales (-16.0%), and All other Manufacturing sales (-20.0%).

January 2020 year-to-date wholesale trade was up 0.7% over the same period in 2019.

• Sub-sectors that posted increases were: Farm product merchant wholesalers (25.5%) and All other (3.4%).
• Sub-sectors that posted declines were: Food, beverage and tobacco merchant wholesalers (-10.5%), Machinery, equipment and supplies merchant wholesalers (-17.3%), and Building material and supplies merchant wholesalers (-6.6%).

Total International merchandise exports were down 4.4% year-to-date February 2020 over February 2019.

• Sub-sectors that posted increases were: Farm, fishing and intermediate food products (9.1%), Energy products (37.3%), Basic and industrial chemical, plastic and rubber products (9.3%), Electronic and electrical equipment and parts (61.8%), Motor vehicles and parts (11.3%), and Consumer goods (4.9%).
• Sub-sectors that posted decreases were: Metal ores and non-metallic minerals (-19.0%), Metal and non-metallic mineral products (-73.8%), Forestry products and building and packaging materials (-7.1%), Industrial machinery, equipment and parts (-5.7%), Aircraft and other transportation equipment and parts (-55.1%), and Special transactions (-0.3%).

Construction employment declined throughout 2019 with weak housing and residential building permit activity. This trend has continued in the first 3 months of 2020. Year-to-date March construction employment was down by 5,553 positions or 12.6% from the same period in 2019.

Rebounding from a soft 2019, total year-to-date housing starts in March 2020 were up by 171 units or 54.6%. Year-to-date increases were observed in singles (21 units or 13.0%), row (17 units or 25.0%), and apartment and other types (139 units or 207.5%). Year-to-date declines were noted in semi-detached (-6 units or -37.5%).

Year-to-date building permits in February 2020 were up 9.2% over the same period in 2019. The only sub sector that posted an increase was commercial (55.7%). During the same time period, residential (-0.5%), industrial (-38.5%), and institutional and governmental (-33.8%) posted declines.

March 2020 year-to-date Information, culture and recreation employment was up 9.7% or 1,933 positions over the same period in 2019.

2020 Q1 provincial population was up 1.0% over 2019 Q1 to an all-time high of 1,181,666 on the strength of a 3,562 person surge in international in-migration.

In 3 dramatic rate cuts on March 4th, 13th, and 27th, 2020, the Bank of Canada cut its benchmark interest rate to 0.25%. The Central Bank initially cut its rate to 1.25% at a previously scheduled meeting on March 4th to help counteract the impact of the novel coronavirus, COVID-19. The unscheduled rate decisions on March 13th and 27th shaved a further percentage point from the rate as a proactive measure to boost the economy amid COVID-19 fears.

In its pre-pandemic Winter 2020 forecast, the Conference Board of Canada's forecast for 2020 was for 1% growth in real GDP and 1.7% in 2021. In its Spring 2020 forecast, accounting for pandemic impacts, the Conference Board now predicts a 5% decline in the province's GDP in 2020, with employment in the province expected to fall by 2.8%. The report expects both GDP and employment to rebound in 2021, by 5.4% and 2.9%, respectively.