A recent report from CIBC World Markets says Saskatchewan will lead other Canadian provinces in economic growth this year, thanks to a rebound in the oil, potash, agriculture and uranium sectors. It estimates Saskatchewan’s economic output will grow 3.0% in 2010 and 4.1% in 2011, which is well ahead of the estimate for the country's overall growth, projected to be only 2.3% above last year.
“The West will reap the benefits of reinvigorated Asia-Pacific growth,” says economist Warren Lovely in CIBC’s latest Economic Insights report.
“Oil, potash, agriculture and uranium sectors are again in demand, with ongoing development paving the way for production increases.”
Even though Saskatchewan's population is less than one million, it is rich in a number of important natural resources and home to several major companies, including Cameco (uraniaum), Viterra (grain handling) and PotashCorp.
Saskatchewan entered 2010 boasting a 1.5-per-cent increase in employment, and the country's lowest jobless growth in 2009. Job prospects will encourage in-migration, with population growth expected to be stronger than for the past 30 years.
“Expect Saskatchewan to lead all provinces in 2010, and to battle Alberta for top spot in 2011,” Lovely said.
This already reflected in the increase in the number of building pemits for new housing in Saskatoon. We can expect to see growth in our province and Saskatoon before the rest of Canada.
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