Q2 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 second 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 Q2 2024 market data, several key takeaways are seen:
- Slowing inflation pressures contribute to economic growth, supported by the Bank of Canada’s gradual normalization of interest rates.
- Labour market stability fosters strong job creation, stability in unemployment rates and high workforce engagement.
- Supply challenges continue to drive housing prices to new heights, returning back to pandemic levels.
- Despite high household debt, the Saskatoon Region drives consumer spending in Canada.
- Robust non-residential investments in infrastructure and industrial developments driving growth in the Saskatoon Region.
In this update, you will find a detailed analysis of the economic performance and significant indicators impacting the Region in Q2 2024.