Saskatoon’s economy has now recovered to 85.6% of pre-COVID levels, according to the latest quarterly update of SREDA’s economic recovery tracker. Last quarter’s rating was 79.3%.
This update shows that several areas have fully recovered, including:
- Employment – Saskatoon’s unemployment rate has recovered to its pre-pandemic 5.5%, with participation rate and employment numbers also fully recovered.
- 7 out of 15 aggregate sectors (Manufacturing; Wholesale and Retail Trade; Professional, Scientific and Technical Services; Health Care and Social Assistance; Arts, Entertainment and Recreation; Public Administration).
- Active businesses, with the total number of businesses surpassing pre-pandemic levels.
- Retail sales and manufacturing shipments, both of which are now performing above pre-pandemic levels.
The rating has also been boosted by increased recovery in building construction investment, which has reached 70.8% recovery.
- The travel and hospitality industry have seen lower demand, with airport passenger traffic recovery falling to 45.7% and hotel occupancy rate recovery falling to 78.5%.
- Total GDP recovery fell to 73.7% of pre-pandemic levels, from 95.4% last quarter, based on data revisions from the Conference Board of Canada.
Although COVID-19 cases have risen in recent weeks, 77.7% of the eligible population have now been vaccinated. SREDA’s Saskatoon Economic Recovery Tracker (SERT) is an international award winning economic tracking tool that monitors ten key indicators for Saskatoon’s economy compared to pre-pandemic levels. The tool, which is the first of its kind in Canada, uses data from Statistics Canada, the Conference Board of Canada, the International Monetary Fund and industry associations. Each indicator has a recovery percentage that is weighted to achieve a total recovery rating for the Saskatoon economy. The SERT dashboard is updated monthly.