Released on October 3, 2011
Saskatchewan's economy is soaring and today Enterprise Saskatchewan released a wide range of economic indicators charting the province's growth over the past three years versus the previous three years. Providing economic updates and analysis is a key part of Enterprise Saskatchewan's mandate.
"As we map our economic progress, it is important to look at how far we have come and the conclusion is clear: Saskatchewan's economy is soaring above all expectations," Enterprise Minister Jeremy Harrison said. "There is no doubt that we have been fortunate while the global economy has faced tremendous uncertainty, but people in Saskatchewan know that it takes good choices and hard work to keep our economy moving forward."
Enterprise Saskatchewan calculated the province's long-term economic growth from 2008 through 2010 in comparison to the years 2005 through 2007 in the following categories:
- Private sector investment in Saskatchewan increased by 46.8 per cent.
- Building permits issued have increased by 66.7 per cent and urban housing starts are up 14.5 per cent.
- New motor vehicle sales have increased by 13.8 per cent.
- Retail sales have increased 24.9 per cent.
- New incorporations have increased by 30.8 per cent while business bankruptcies have decreased by 53.8 per cent.
- Average employment has increased by 5.1 per cent.
- Real GDP growth has risen by 5.4 per cent.
"Saskatchewan's soaring economy is absolutely amazing when you compare it to the struggling global economy," Harrison said. "While private sector investment was an anemic 2.2 per cent nationally, investment in Saskatchewan climbed 46.8 per cent. Housing starts fell by 23.1 per cent nationally, but Saskatchewan housing starts rose by 14.5 per cent. Canada experienced 3.2 per cent job growth and Saskatchewan outpaced the pack at 5.1 per cent. Saskatchewan's 5.4 per cent GDP growth more than doubled the national GDP growth of 2.4 per cent.
"When you drive through the province's main streets and neighbourhoods, you see the impact of these numbers: new houses, new businesses, and people going to work at new jobs."
Enterprise Saskatchewan, as the province's investment attraction and development agency, has worked hard on numerous projects that are changing the province's economic landscape:
- BHP Billiton's Jansen Lake potash project represents an estimated investment of $12 billion.
- Tower III in Regina is a new 20-story office building and the first such project in the city in more than two decades.
- Potash Corp of Saskatchewan is investing $5.6 billion in expansions and is creating about 730 new permanent jobs.
- The Federated Co-op Upgrader in Regina is moving forward on its $1.9 billion expansion which will create 100 new permanent jobs.
- The new Global Transportation Hub west of Regina will create more than 1,800 new jobs.
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For more information, contact:
Joanne Johnson
Enterprise Saskatchewan
Regina
Phone: 306-798-0503