Economic Indicators

Overview

SREDA’s Q4 2023
ECONOMIC RATING

FOR THE SASKATOON REGION

B-

Real GDP (2012 $) and Population Projections

Total Real GDP

$24.20 B

-0.7% change from Q4 2022

Labour Market
Saskatoon CMA

Unemployment Rate

5.5%

0.3 PP change from Q3 2023

Employment Level (CMA)

200,967

1.4% change from Q3 2023

Total Labour Force

212,567

1.7% change from Q3 2023

Participation Rate (CMA)

71.9%

0.4 PP change from Q3 2023

Housing Market YTD

Housing Starts

2,648

-0.4% change from Q4 2022

Building Permits

1,027.819M*

7.5% change from Q4 2022

New Listings

1,190

2.7% change from Q4 2022

Average Home Price

$378,933

4.7% change from Q4 2022

Other Indicators YXE YTD

New Business Licenses

1,150

-0.2% change from Q4 2022

Airport Traffic

1,277,863

34.2% change from Q4 2022

Inflation Rate

2.8%

-4.5 PP change from Q4 2022

Economy

2024 Growth Forecast –
Saskatoon CMA

1.58%

2023 Annual GDP Per
Capita – Saskatoon CMA

$67,465

Demographics

2023 Population Growth -
Saskatoon CMA

3.7%

2023 Population Estimate -
Saskatoon CMA

366,589

2016-2021 Indigenous
Population Growth
Saskatoon CMA

11.3%

2021 Indigenous
Population Average Age -
Saskatoon CMA

29.4 YEARS

Housing Market & Real Estate

Average Sale Price
- Saskatoon CMA

$374,100

As of December 2023

Downtown Office
Vacancy -
Saskatoon CMA

18.7%

As of Q4-2023

Number of Building
Permits - Saskatoon CMA

3,491

Year-to-date November 2023

Number of Housing
Starts - Saskatoon CMA

2,648

Year-to-date December 2023

Employment

Dec-2023 Participation
Rate - Saskatoon CMA

71.9%

Dec-2023 Unemployment
Rate - Saskatoon CMA

5.6%

Business Investments

Total Business Count -
Saskatoon CMA

11,127

As of June 2023

New Business Licenses -
Saskatoon CMA

1,150

Year-to-date December 2023

Industry

Retail Trade Forecasted Growth - Saskatoon CMA

13.2%

Forecasted Growth for 2023-2027

Manufacturing Sales
Historical Growth -
Saskatoon CMA

23.6%

Historical Growth for 2017-2022

Glossary

  • Real GDP measures the value of the goods and services produced by an economy in a specific period, adjusted for inflation.
  • Population measures all the inhabitants of a particular town, area, or country.
  • Unemployment Rate is the number of unemployed persons expressed as a percentage of the labour force.
  • Employment is the number of people in the labour force engaged in productive activities of the economy.
  • Labour Force is the number of people of a population who are able to work.
  • Participation Rate is the percentage of the population that is either working or actively looking for work.
  • Housing Starts reflects the number of privately owned new houses (technically housing units) on which construction has been started in a given period.
  • Building Permits reflects the number of official permissions to initiate a new construction project, provided by a governmental department.
  • Existing Home Sales reflects the number of housing units on the market and the number of housing units sold in a given period.
  • Average Home Price reflects the average market value of homes within an area and a given period, measured by the composite benchmark price.
  • New Business Licenses is the number of business licenses renewed or granted, allowing owner(s) of a business the right to operate a particular business in the city.
  • Airport Traffic is the number of passengers travelling in and out of an airport.
  • Inflation Rate is the rate of increase or decrease in prices for goods and services, in a given period of time.