Q3 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 third quarter of 2024, the Saskatoon Region economy demonstrated resilience and growth, with an estimated GDP growth of 2.8%, surpassing the national average.

In analyzing the Q3 2024 market data, several key takeaways are seen:

1. The Saskatoon Region’s economy experienced robust growth, driven by primary industries, housing, and employment, with easing inflation and stable commodity prices supporting expansion.
2. Housing demand in the Saskatoon Region remains strong due to population growth, affordability, and declining interest rates, however, the supply-demand imbalance continues to present challenges.
3. Canada’s slowing economy has led the Bank of Canada to cut interest rates, enhancing the Region’s strong economic position. Lower rates and declining inflation are expected to boost investment and spending, improving affordability.
4. The Saskatoon Region’s labour market shows strong growth with employment gains in key sectors, more full-time jobs, and high participation rates, despite a tight market and wage pressures.
5. The Region’s capital investment rose notably, with total values up 14.0% and building permits up 21.6%, driven by demand for single-family housing, industrial growth, and commercial construction.

In this update, you will find a detailed analysis of the economic performance and significant indicators impacting the Region in Q3 2024.