Saskatoon, SK: Based on a full analysis of the economy thus far in 2015, the SREDA Economic Forecasting & Analysis team gives the Saskatoon and region economy a B+ rating.
The local economy isn’t growing quite as rapidly as it once was, but it still ranks at the top of its class. Moderate growth continues in the midst of sector challenges, and local businesses maintain a high level of confidence in future business performance and economic conditions.
Saskatoon Regional Economic Development Authority (SREDA) CEO Alex Fallon addressed a crowd at the Saskatoon Club on Tuesday morning, sharing some of the major contributing factors to the success of our local economy, and SREDA’s role in creating economic growth.
Provincially, Saskatchewan leads the country with the lowest unemployment rate for 21 straight months. In Saskatoon, the unemployment rate has jumped slightly due to the labour force increase outpacing the number of jobs created.
Local GDP continues to grow, with more than ten different sectors contributing significantly to economic health. Sizable GDP growth–while major sectors such as oil and gas are facing challenges–is further credit to the depth and diversification of our economy.
A full quarterly economic update report with up-to-date figures and analysis is available here: SREDA Quarterly Economic Update – Q2 – 2015
SREDA has seen increased interest from companies expanding their operations into Saskatoon, and the entrepreneurial culture in the region continues to grow.
“Entrepreneurs see opportunities in our economy and that is why they are choosing to start their businesses here,” Fallon says. SREDA provides assistance to entrepreneurs throughout Saskatchewan through Square One (SquareOneSask.ca), an entity that has served over 2,000 clients this year so far.
“The Saskatoon economy continues to perform well and it’s a great time to be starting or growing a business in the region,” adds Fallon. “Going forward we anticipate continued growth in 2015 and beyond, though at a more measured pace.”
Fallon also shared a mid-year performance update for the organization and announced that SREDA is on track to report a return on investment for the first time in its history. SREDA has helped attract significant business and investment to the region, supported local companies’ growth through the City of Saskatoon Business Development Tax Incentive Policy, promoted the region to attract new residents, and continues to work with its regional members to plan for growth.
The Saskatoon Regional Economic Development Authority (SREDA) helps grow the local economy through six strategies: providing economic information and analysis to aid business planning; attracting new businesses; helping local companies grow; supporting entrepreneurs (through Square One); coordinating regional economic development planning; and, marketing the Saskatoon region as the best place to live, work, and invest.
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SREDA.com | InvestSaskatoon.co | LivingSaskatoon.com | SquareOneSask.ca
SREDA’s Quarterly Economic Updates are part of SREDA Insights, designed to provide valuable information and analysis to support business and economic growth and expansion.