It validates what SREDA has been saying for some time now.
According to the most recent forecasts, Saskatoon’s economy is expected to lead the nation and outpace every major Canadian city in 2023.
The Conference Board of Canada is forecasting the Saskatoon economy to grow by 7.2 per cent in 2022 and 3.9 per cent in 2023. This will be, in large part, driven by growth in potash and uranium mining, along with higher output in the energy sector.
The report also confirms what many local businesses have been saying for some time – the Saskatoon labour market is “red hot” – posing challenges and opportunities for the labour market in the year ahead.
In addition, per capita household income is also up nearly $10,000 since 2019 to $58,106, the report says. SREDA notes that this will drive consumer spending and in turn support further economic growth over the coming months.
The report is aligned and builds on SREDA’s recent economic updates pointing to an optimistic future for the Saskatoon Region economy.
Commenting on the latest forecast, SREDA President and CEO, Alex Fallon said, “The recent Conference Board of Canada forecast report further validates what the local stats have been telling us for some time now – the Saskatoon economy is growing – even at a time when the Canadian and many international economies are slowing. Saskatoon has a specific set of strengths that makes for a strong, diversified and growing economy. SREDA does not see that changing any time soon.”