January 26, 2017
SASKATOON, SASKATCHEWAN – Today, the Saskatoon Regional Economic Development Authority (SREDA) released its Quarter 4 2016 Economic Dashboard for the Saskatoon Region. Recent economic indicators show the local economy ended 2016 with some momentum with several economic indicators pointing to stability, and in some cases, modest growth.
“Stronger energy prices, combined with a growing local technology sector, continued infrastructure spending and solid agriculture performance have helped to counterbalance the slowdown in other sectors,” said Alex Fallon, President and CEO of SREDA. “Overall, the Saskatoon Region economy shows signs of stability and resilience during uncertain times; thanks in large part to our diversified economic base, continued population growth and true prairie entrepreneurial spirit.”
SREDA rates the status of the local economy with a C grade, maintaining the Quarter 3 2016 rating.
“Although SREDA is maintaining its ‘C’ rating for Q4 2016, we are optimistic that 2017 will see economic improvement. The economic glass is half full for the Saskatoon Region with many opportunities for future growth,” said Fallon.
The dashboard includes recent economic indicators related to GDP, employment, housing, retail, business licenses and more. Quarter 4 highlights include an increase in population leading to a larger labour force, stronger participation rate and strengthening employment rate. On the downside, there was an increase in unemployment, now surpassing the national average.
“Despite challenges in the Saskatoon marketplace, there are still positives to be found,” said Keith Moen, Executive Director, North Saskatoon Business Association.
“Population growth continues to provide opportunity to the service sector and the ICT components of Saskatoon’s economic base continue to experience strong growth,” said Kent Smith-Windsor, Executive Director, Greater Saskatoon Chamber of Commerce.
“Overall, the Saskatoon housing market remained healthy through the end of 2016,” said Chris M. Guerette, CEO, Saskatoon & Region Home Builders’ Association.
“While passenger demand for air travel was soft in early 2016, 8 consecutive months of growth yielded a year-end total of 1,452,349 passengers representing a 0.6% increase over 2015 and our second highest result ever,” said Stephen Maybury, President and CEO, Saskatoon Airport.
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