Q1 2024 Economic Update

SREDA Quarterly Economic Update series delves into various factors of the local economy, analyzing trends in inflation, employment, housing, business activity, and other critical areas that shape the economic landscape of the Saskatoon Region.

In the first quarter of 2024, the Saskatoon Region economy demonstrated resilience and growth, with an estimated GDP growth of 3.1%, surpassing the national average.

  1. GDP growth outpaces the national average, despite inflation challenges.
  2. Job creation continues to grow, with a steady unemployment rate.
  3. Housing prices reach new heights amidst tight inventory.
  4. Business and consumer sentiments show signs of improvement.
  5. Commodity trends creating mixed challenges and opportunities.

In this update, you will find a detailed analysis of the economic performance and significant indicators impacting the Region in Q1 2024.

Tyler Nguyen

Manager, Economic Intelligence
(306) 952-2400