SASKATCHEWAN ECONOMY STAYS STRONG IN 2012

Released on December 27, 2012

The year 2012 will go down in the history books as another very good year for the Saskatchewan economy. Record levels of population, employment and investment were reached in 2012.

"Saskatchewan's economy was the envy of nearly every Canadian province in 2012 with more jobs, more people to fill those jobs and record levels of new investment coming into the province," Economy Minister Bill Boyd said. "This government's growth agenda will capitalize on our strengths - our people, our resources and our innovation and ensure that Saskatchewan continues to be an economic leader in Canada through 2013 and beyond."

Saskatchewan's population reached an all-time record of 1,086,564 after the third quarter of 2012. This reflected an October 1, 2011 to October 1, 2012 growth rate of 2.16 per cent, the second highest percentage increase among the provinces. On a year over year basis, this was also the largest increase on record.

Saskatchewan is ranked in the top two provinces in the following areas:

• Non-residential investment was up $1.3 billion in the first three quarters of 2012 compared with the same period last year, an increase of 20.7 per cent (highest percentage increase among the provinces);
• Urban housing starts were up 35.4 per cent in the first 11 months of 2012 over the same period last year (highest percentage increase among the provinces); 
• International exports totalled $26.5 billion in the first 10 months of 2012, a 10.3 per cent increase over the same period last year (second highest percentage increase among the provinces);
• Manufacturing shipments were $11.9 billion in the first 10 months of 2012, a 13.1 per cent increase over the same period last year (second highest percentage increase among the provinces);
• Retail sales were $14.25 billion in the first 10 months of 2012, a 7.5 per cent increase over the same period last year (second highest percentage increase among the provinces);
• Saskatchewan had the second lowest unemployment rate among the provinces (seasonally unadjusted) in the first 11 months of 2012 at 4.8 per cent;
• Employment growth was up 10,800 in the first 11 months of 2012 over the same period last year, up 2.1 per cent (tied for the second highest increase among the provinces);
• Average weekly earnings (seasonally adjusted) were $917.98 in the first 10 months of 2012, a rise of 4.9 per cent over the same period last year (second highest increase among the provinces); and
• Real wage growth (adjusted for inflation) was up 3.1 per cent in the first 10 months of 2012 over the same period last year (second highest increase among the provinces).

According to an average of seven major forecasters, Saskatchewan is expected to have the second best economy in 2013 with a growth rate of 2.9 per cent. The Conference Board of Canada predicts Saskatchewan will have top ranking among the provinces with a growth rate of 3.4 per cent. RBC, Scotiabank, CIBC and TD have forecast the province to have the second highest growth rate in the nation.

"Although some of the final data for 2012 has yet to come in, 2013 looks to be very promising for the Saskatchewan economy with solid growth expected," Boyd said. "Supported by strong agriculture and resource sectors, our economy is on a steady course to boost exports, which in turn creates jobs and a multitude of business and investment opportunities."

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For more information, contact:

Deb Young
Economy
Regina
Phone: 306-787-6315
Email: deb.young@gov.sk.ca