News

Saskatoon unemployment rate hits an 8 year low! 

Economic recovery in Saskatoon continues at a fast pace. Saskatoon CMA has gained 1,600 jobs and the unemployment rate continues to fall further to 4.6% from 4.8% last month – the lowest since 2014 – approaching lows last seen before the 2008 Financial Crisis and the 2014 Oil Crash.

With the 2022 Federal Budget pointing to strong growth for several sectors, including construction, mining and innovation, the economic outlook remains one of growth for Saskatoon. Budget growth drivers include: 

  • Construction: $10.14 billion for the housing sector over the next five years, to expand supply by 100,000 units 
  • Mining: $3.8 billion for the development of a supply chain of critical minerals
  • Innovation: $1 billion for the creation of an independent federal innovation agency and $15 billion towards a Canada Growth Fund to spur private sector investments.

Commenting on the latest economic date, Alex Fallon, CEO, SREDA said: “SREDA’s outlook remains one of surprisingly strong growth in 2022 for Saskatoon. 

Note: Saskatoon CMA includes the City of Warman, the City of Martensville, and surrounding municipalities, comprising a population of 340,086.

Alex Fallon

President and Chief Executive Officer
(306) 664 -0723