Released on December 29, 2011
Saskatchewan's economy had a banner year in 2011 and the New Year is projected to be even better. The province set records for investment and population growth in 2011 and two independent forecasters are predicting that Saskatchewan will continue to lead Canada and set records in 2012.
"The statistics are good, but even better is the fact that people and investors recognize the real growth yet to come and know that Saskatchewan is becoming the leading place to do business in Canada," Enterprise Minister Jeremy Harrison said. "This year we have had many new businesses start in the province, businesses move from other locations and existing businesses expanding in all corners of the province."
Two major forecasters, RBC and the Conference Board of Canada have predicted that Saskatchewan will lead economic growth this year at 4.5 per cent and 5.1 per cent respectively. An average of seven forecasters predict Saskatchewan will have the second fastest growing economy in Canada in 2011. And while other jurisdictions are seeing their credit ratings slide, Saskatchewan received a boost to AAA by the international credit rating firm of Standard & Poor's.
"The progress we have made this year is great, but what is more important is the potential for future investment capital, with about $50 billion in the next 20 years in the works for the mining industry," Harrison said. "There are many long term projects, most of them in potash, that look particularly bright."
Private and public investment is expected to reach $17 billion in 2011, an all-time record for the province. Population levels are growing at rates the province has not experienced for decades and hit record levels in 2011, with 1,063,535 people now living in Saskatchewan.
Saskatchewan is ranked number one in the nation in the following areas:
- Residential construction in the first nine months of 2011 increased 25.1 per cent over the same period in 2010;
- Building permit values in the first 10 months of 2011 increased by 27.2 per cent over the same period last year to $2.2 billion;
- In the first 11 months of 2011, urban housing starts grew by 25.7 per cent;
- Exports set a new record in the first 10 months of 2011, up by 25.1 per cent over the first 10 months of 2010;
- In the first ten months of 2011, retail sales were up 8.1 per cent to $13.3 billion, compared to the same period in 2010; and
- Wholesale trade in the first ten months of 2011 increased by 23.1 per cent over the first ten months of 2010.
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For more information, contact:
Deb Young
Enterprise Saskatchewan
Regina
Phone: 306-787-6315
Email: deb.young@enterprisesask.ca