The latest report from Economic Development Regina, Praxis Consulting, and SJ Research Services shows some some promising signs for the Greater Regina Area economy.
Total employment and projected GDP are up, while unemployment is down, year-to-date through July over 2018.
“We’re firmly back in growth mode,” said Economic Development Regina Vice-President David Froh.
Total employment is up 1.7 per cent over 2018 in the report as the city registered an increase of 2,429 positions. Industries that saw increases include agriculture, resource extraction, and educational services.
The unemployment rate has dropped year-to-date over 2018, from 5.8 to 4.8 per cent.
The area’s GDP, meanwhile, is projected by the Conference Board of Canada to increase by 2.3 per cent in 2019. 2018 saw an increase of just 0.8 per cent.
The report also shows a 2.3 per cent population increase in the region from 2017 to 2018.
“Our youth and diversity is undoubtedly our greatest asset. So we’re keeping our young people here,” said Froh. “Great talent starts and runs great companies.”
The report wasn’t all good grades, though. Compared to January through June of 2018, both housing starts and building permits saw steep declines in the Greater Regina Area.
During that time frame last year, the region registered 725 housing starts and building permits worth $258.65 million. That time frame this year saw just 265 housing starts and building permits worth $183.75 million. That works out to decreases of 63.4 per cent and 29 per cent respectively.
“That’s predominantly because of slow absorption of what was a very large inventory and some restrictions on access to mortgages,” said Froh.
Froh says he hopes Regina’s young population can help reverse that trend.
“Overall, we’ve got a young community and record diversity. Those people are moving and staying here for a reason, so one would expect that the home building industry and construction will benefit from those trends.”
WATCH: (Oct. 28, 2018) Regina summit discusses strategies for tackling transition to low-carbon economy