Released on December 30, 2009
After ending 2009 with a new record population and the lowest unemployment rate in Canada, Saskatchewan is forecast to start the next decade with the strongest economic growth record in the country in 2010.
Enterprise Saskatchewan Minister Ken Cheveldayoff said while Saskatchewan was not immune from the economic downturn in 2009, it came through the recession very well compared to other provinces.
"Saskatchewan had positive job creation in 2009 while most other provinces were losing jobs," Cheveldayoff said. "Saskatoon and Regina had the two lowest unemployment rates among Canadian cities. Saskatchewan's population hit an all-time high and is growing at its fastest pace in over 50 years.
"There are more people and more jobs in Saskatchewan. People are earning more, and they are keeping more of what they earn, thanks to lower income and property taxes. All things considered, 2009 was a strong year for our province and its people, and 2010 should be even better."
Saskatchewan is expected to lead the country with an economic growth rate of 2.9 per cent in 2010, according to the average of nine leading economic forecasters.
Saskatchewan had the best job growth rate in the nation in 2009 and the lowest unemployment rate in Canada for the last six consecutive months.
"Record-setting population numbers and stellar job growth are two important components in a strong economy," Cheveldayoff said. "We are also seeing some good news on the construction front, which indicates a fair amount of optimism for business and consumers."
Construction sites were busy this year, with October building permits in the province showing the highest percentage increase in the nation. Urban housing starts for November were also positive, reaching some of the highest levels in decades.
"As we enter this new decade, we can reflect on the many success stories in the Saskatchewan economy and look forward to even better prospects in our future," Cheveldayoff said.
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For more information, contact:
Deb Young
Enterprise Saskatchewan
Regina
Phone: 306-798-0503
Email: Deb.Young@enterprisesask.ca