Released on September 21, 2022
Province Remains Strong Across A Number Of Key Economic Indicators While Also Maintaining One Of The Lowest Unemployment Rates In The Country.
Saskatchewan is once again a national leader in several key indicators of economic growth, with recent reports by Statistics Canada showing Saskatchewan led in investment in building construction, manufacturing sales and wholesale trade in July 2022.
"Saskatchewan's economy has been leading the country for many months and these numbers show that that momentum is only continuing," Trade and Export Development Minister Jeremy Harrison said. "Combined with significant private sector investment, it is clear Saskatchewan has the food, fuel and fertilizer the world wants and needs and that is translating into good jobs and incredible opportunities for the people of our province."
Investment in building construction increased dramatically in July 2022, rising 81.8 per cent compared to July 2021. This was by far the highest increase among the provinces and well above the national average of 14.7 per cent. The value of investment in building construction totalled $474 million in July 2022.
Wholesale trade jumped 72 per cent in July 2022 compared to July 2021, also the highest increase among provinces and well above the national average of 12.9 per cent. Between June 2022 and July 2022, the value of wholesale trade in Saskatchewan increased by 5.6 per cent, ranking second in terms of percentage change among the provinces and well above the national average of a 0.6 per cent decrease. The value of wholesale trade totalled $4.2 billion in July 2022.
Manufacturing sales grew 26.8 per cent in July 2022 compared to July 2021, the second highest increase among the provinces and above the national average of 19.1 per cent. Saskatchewan also placed second among the provinces in month-over-month manufacturing sales growth, with an increase of 4.5 per cent, which was above the national average of a 0.9 per cent decrease. The value of manufacturing sales totalled $2.3 billion in July 2022.
Urban housing starts in Saskatchewan increased by 35.6 per cent in August 2022 compared to August 2021, the second highest increase among the provinces and well above the national average of 2.8 per cent.
In August 2022, Saskatchewan set a record high number of jobs for the month at 581,500 jobs, an increase of 12,300 jobs compared to August 2021.
Saskatchewan's seasonally adjusted unemployment rate was 4.9 per cent, the third lowest among the provinces, a decrease from 7.0 per cent in August 2021 and below the national average of 5.4 per cent.
For more information, contact:Jill Stroeder
Trade and Export Development