Released on April 7, 2010
Three new reports released today show that building permits, business optimism and economic growth in Saskatoon and Regina are all on the way up.
"These are three clear indicators that the economic recovery is now in full swing here in Saskatchewan," Advanced Education, Employment and Labour Minister Rob Norris said. "There's more construction starting, business owners are more confident and our economy is growing again."
A new Conference Board of Canada report released today indicates that economies in both Saskatoon and Regina will grow in 2010. It is anticipated that Saskatoon will increase by 2.8 per cent this year and is expected to be up 3.4 per cent per year over the next four years. Regina will experience a two per cent increase this year and 2.9 per cent per year for the next four years.
The Conference Board report suggests that "a strengthening provincial economy will lift employment by 5,000 jobs in 2010 and another 7,000 in 2011. "Solid job prospects will continue to attract domestic itinerants, while the provincial nominee program will attract more international migrants; together, these are expected to generate strong provincial population growth in 2010," the Conference Board stated.
"Saskatchewanians will also see Canada's fastest increase in wages and salaries per employee - a boon to retail sales."
Building permits in the province were up considerably in February according to a report released by Statistics Canada today. On a seasonally unadjusted basis, permits were up by 19.5 per cent in February when compared to February 2009. Non-residential permits were up by 5.6 per cent while residential permits increased by 43.8 per cent.
The Canadian Federation of Independent Business today said business optimism in Saskatchewan hit a two-year high in March and now leads all Canadian provinces. The report indicates 55 per cent of businesses in Saskatchewan rate the overall state of business as good, compared to 36 per cent nationally.
Norris said the rise in economic growth, construction and business confidence means more job opportunities for Saskatchewan families.
"There were more than 10,000 opportunities posted on saskjobs.ca in March and I expect employment opportunities to grow even more in the months ahead," Norris said.
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For more information, contact:
Deb Young
Enterprise Saskatchewan
Regina
Phone: 306-787-6315
Email: Deb.Young@enterprisesask.ca