(Ari Altstedter & Greg Quinn – Bloomberg Business)
If you want to know why Canada’s plunging currency won’t benefit the manufacturing sector anytime soon, take a drive through Windsor, Ontario.
Factory ruins scar the city once known as the British Empire’s auto capital, from the dormant smoke stacks of a disused aluminum foundry to the rusty, gaping hole in the abandoned chrome and bumper plant visible from the highway. Demolition crews render a former General Motors Co. transmission works spanning three city blocks into piles of twisted steel.
Windsor’s decline from carmaking powerhouse is emblematic of Canada’s manufacturing industry. Lost production capacity hasn’t been replaced, even as demand for automobiles rises, posing a challenge for policy makers counting on an export comeback as the economy lacks other drivers. Click here to read more.