The latest Capital and Repair Expenditure Survey released by Statistics Canada highlights capital spending intentions across Canada, its provinces, and the private and public sectors. This economic indicator provides insight into anticipated industry growth, business expansion, government investment, and overall economic direction for 2025.

Set to lead Canada in capital spending, Saskatchewan’s total capital expenditures on non-residential assets are projected to grow by 10.8%, reaching $22.1 billion in 2025. Both the public (+13.0%) and private (+10.1%) sectors will contribute to this growth, with private capital investment rising to $16.2 billion. This surge is driven by major investments in food manufacturing, mining, transportation, warehousing, and utilities, reinforcing Saskatchewan’s role as a key player in global food production, resource extraction, and supply chain infrastructure.

Key Sectoral Investments in Saskatchewan

Manufacturing Growth

Manufacturing investment in Saskatchewan is projected to grow by 52.3%, with food manufacturing increasing by 96.6% to $814.7 million. Other manufacturing industries such as wood product manufacturing (+84.7%), chemical manufacturing (+79.1%), and petroleum and coal product manufacturing (+18.9%) will also see notable growth. Saskatchewan’s food manufacturing investments position the province as the second-largest investor in this subsector, behind Ontario, and surpassing Quebec.

Mining and Resource Development

Mining remains the largest investment sector, with total spending rising by 8.7% to $9.6 billion. A 20.7% increase in mining and quarrying (excluding oil and gas) to $5.8 billion underscores Saskatchewan’s strength in mineral production. Growth is driven by BHP’s $14.2 billion investment in the Jansen Potash Mine project, set to begin production in late 2026, alongside Nutrien’s approximate $2.0 billion in capital spending on network optimization and mine automation, and Cameco’s investment towards the sustainability of its existing operations. Oil and gas extraction investment remains stable at $3.5 billion.

Transportation and Warehousing

Investment in transportation and warehousing is expected to grow by 27.8%, reaching $1.1 billion. This increase is driven by expanding agri-food and mining exports and strategic upgrades in supply chain logistics.

Utilities Sector Expansion

Capital spending in utilities is projected to grow by 21.4% to $2.5 billion, marking the fourth consecutive year of double-digit growth, largely driven by investments in electric power generation, transmission, and distribution.

Industries Facing Investment Declines

While Saskatchewan’s investment climate remains strong, certain industries will experience reductions in capital spending:

• Agriculture, Forestry, Fishing, and Hunting: Expected to decline by 5.9% to $2.2 billion, with crop production seeing a 6.1% reduction, possibly due to market volatility and shifting trade policies.

• Support Activities for Mining and Oil & Gas Extraction: A significant decrease of 50.8% to $247.7 million reflects industry adjustments.

• Machinery Manufacturing: Declining by 25.8% to $36.9 million, reflecting shifts in demand and potential supply chain constraints.

• Professional, Scientific, and Technical Services: A projected decline of 29.7% to $98.2 million suggests a possible shift toward automation and digital solutions over traditional service expenditures.

• Retail Trade: Set to drop by 6.9% to $250 million, indicating a shift towards e-commerce and changing consumer behaviors.

Conclusion

Saskatchewan’s capital investment outlook for 2025 signals strong economic momentum, leading the nation in capital expenditure growth.

As the economic hub of the province, the Saskatoon Region continues to attract significant capital flows, positioning itself as a strategic destination for business growth and innovation. With a solid foundation in place, Saskatchewan is well-equipped to sustain long-term economic expansion and remain a vital contributor to national and global markets.

The Capital and Repair Expenditures Survey is based on Statistics Canada’s sample survey of 27,000 businesses, governments and institutions. The survey on preliminary estimates for 2024 and intentions for 2025 was conducted from September 2024 to January 2025.

Saskatchewan Capital Expenditure Intentions by Industry (x1,000,000):

	2024	2025	Growth
All Industries	$19, 920	$22,078	10.8%
Agriculture, forestry, fishing and hunting	$2,293	$2,159	-5.9%
Crop production	$2,000	$1,879	-6.1%
Animal production and aquaculture	$228	$216	-5.5%
Mining, quarrying, and oil and gas extraction	$8,859	$9,634	8.7%
Oil and gas extraction	$3,514	$3,543	0.8%
Mining and quarrying (except oil and gas)	$4,842	$5,844	20.7%
Support activities for mining, and oil and gas extraction	$503	$248	-50.8%
Utilities	$2,052	$2,490	21.4%
Construction	$497	$526	5.7%
Manufacturing	$1,082	$1,648	52.3%
Food manufacturing	$414	$815	96.6%
Wood product manufacturing	$15	$28	84.7%
Petroleum and coal product manufacturing	$457	$543	18.9%
Chemical manufacturing	$58	$103	79.1%
Plastics and rubber products manufacturing	$3	$5	82.1%
Non-metallic mineral product manufacturing	$6	$8	43.6%
Fabricated metal product manufacturing	$22	$23	3.2%
Machinery manufacturing	$50	$37	-25.8%
Wholesale trade	$208	$251	20.5%
Retail trade	$268	$250	-6.9%
Transportation and warehousing	$830	$1,061	27.8%
Information and cultural industries	$641	$728	13.6%
Finance and insurance	$96	$86	-10.3%
Real estate and rental and leasing	$320	$385	20.5%
Professional, scientific and technical services	$140	$98	-29.7%
Management of companies and enterprises	$129	$129	0.2%
Administrative and support, waste management and remediation services	$42	$35	-17.4%
Educational services	$347	$422	21.4%
Health care and social assistance	$436	$398	-8.7%
Arts, entertainment and recreation	$46	$49	5.9%
Accommodation and food services	$81	$93	15.0%
Other services (except public administration)	$93	$65	-30.4%
Public administration	$1,461	$1,574	7.8%

Source: Statistics Canada