SASKATOON, SASKATCHEWAN – Today, the Saskatoon Regional Economic Development Authority (SREDA) released its Quarter 1 2016 Economic Update Report and Dashboard for the Saskatoon Region. The report rates the status of the local economy with a C grade, down from the B- rating in Q4 2015.
“Although the economic rating for this quarter is down from the previous quarter, we continue to anticipate moderate to steady growth throughout the remainder of the year. SREDA forecasts GDP growth to be in the 1.5% to 2% range this year,” said Alex Fallon, President and CEO of SREDA.
The report summarizes key economic indicators, along with sector analysis and input from local business groups and industry experts.
“Saskatoon’s ongoing population growth will continue to drive retail and wholesale sales in Saskatoon. This growth adds stability to Saskatoon’s economy as other sectors adjust to a slower global growth story,” said Kent Smith-Windsor, Executive Director of the Greater Saskatoon Chamber of Commerce.
“The start of quarter two brings about an uptick of seasonal activity. Agriculture’s perennial optimism is at its highest point, while other sectors are more cautiously optimistic. Economic growth, though still positive, will likely not be as robust as we’ve seen,” said Keith Moen, Executive Director of the North Saskatoon Business Association.
“Thanks to the diversification and competitiveness of communities like Saskatoon, our province is arguably less affected by the overall economic slowdown than elsewhere. What sets Saskatchewan apart from many other jurisdictions is that we have business and investment opportunities globally recognized as being among the world’s best. The result is that we are already prepared for when markets recover,” said Honourable Bill Boyd, Minister of the Economy.
Along with the report, SREDA made public the results of the Saskatoon Region Economic Confidence Index Survey. Participants of the survey provided information on their perception of the current and future state of the local economy. Of the survey participants, 75 percent indicated they expect steady or significant growth for the Saskatoon Region.
“The results from the Saskatoon Region Economic Confidence Index Survey indicate that local business leaders have a similar perspective to our economic outlook, particularly in regards to the mid to long-term,” said Fallon.
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