Released on February 29, 2012
Saskatchewan continues to attract investors and newcomers with its pace-setting economic activity in early 2012. Saskatchewan broke records for growth in retail sales and wholesale trade, manufacturing shipments and building permits in the month of February.
"Saskatchewan's economy is working at full throttle and producing the kind of figures that put us among the nation's leaders in terms of growth and opportunity," Enterprise Minister Jeremy Harrison said. "These numbers are sending a message already being voiced by our province's entrepreneurs - opportunity lives here."
In terms of construction, Saskatchewan's building permit increases led the nation in 2011 with a 25 per cent increase over 2010, and the province's growth outpaced the 1.7 per cent national rate. Building permits totalled $2.6 billion in 2011 - the highest on record, surpassing the previous figure of $2.2 billion in 2008 - and the cities of Saskatoon and Regina also set records for building permits. Likewise, Saskatchewan's 473 housing starts were a record for the first month of the year, with urban housing starts up 70.8 per cent in January 2012 when compared to January 2011.
Saskatchewan employment reached record highs for the month of January, with 520,600 people employed including 419,900 full-time jobs. Off-reserve Aboriginal employment experienced year-over-year growth of 6,200 jobs (18 per cent) for the eighth consecutive month of gains. Aboriginal youth employment increased year-over-year by 1,400 jobs (17.3 per cent) for the third consecutive month, while youth employment overall also increased by 4,300 jobs (5.5 per cent). The province continues to see growth in the major cities with 4,400 more jobs in Regina (year-over-year) and 2,900 more jobs in Saskatoon (year-over-year). Regina's January unemployment rate of 4.4 per cent was again the lowest in the country.
"Saskatchewan, for a host of reasons, continues to be a place of choice within Canada to live and work," Advanced Education, Employment and Immigration Minister Rob Norris said. "With sustainable growth, a competitive and opportunity-rich investment climate, and a high quality of life, there are more reasons than ever for people to call this province home."
Saskatchewan's motor vehicles sales continued to climb at the close of 2011, jumping by 7.3 per cent in 2011 compared to 2010 (seasonally unadjusted), the second highest percentage increase in Canada. Saskatchewan's December manufacturing shipments totalled $1.1 billion, up by 17.7 per cent (seasonally-adjusted) in December 2011 when compared to December 2010, ranking first among the provinces. Saskatchewan retail sales and wholesale trade set a double record in December 2011 - posting the highest-ever figures for the month of December and the highest annual totals in the province's history.
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For more information, contact:
Jamie Shanks
Enterprise Saskatchewan
Regina
Phone: 306-787-2202
Email: jamie.shanks@enterprisesask.ca