The Saskatoon Regional Economic Development Authority (SREDA) has predicted Saskatoon’s economy will be leading the nation in 2023.
The SREDA confirms that the Saskatoon labour market is “red hot” right now, largely due to growth in the potash and uranium mining industry, along with higher output in the energy sector.
The Conference Board of Canada is forecasting the Saskatoon economy to grow by 7.2 per cent in 2022 and 3.9 per cent in 2023.
“It is attributed to the very balanced and targeting approach we took to the pandemic response that focused on both protecting lives and livelihoods. Our economic recovery here in Saskatoon is really starting from a position of strength because we avoided the harm of severe lockdowns to protect jobs, incomes and workers,” said Jason Aebig, CEO of Greater Saskatoon Chamber of Commerce.
“If there is one significant barrier to growth and Saskatoon achieving the targets that are being forecasted for us, it will come down to labour.”
“If we can crack the nut, in terms of attracting the skill and talent we need to Saskatoon to service our key sectors, that is how we are going to ultimately compete and win.”
“In terms of mining, Cameco has opened up their key lake mill and river mine. They are going full-steam ahead with opportunities,” said Keith Moen, executive director of NSBA, Saskatoon’s Business Association, “Not just the short-term future, but the long-term future as well is very positive for those particularly in the mining industry, but also oil and gas as well as agriculture. And we haven’t even talked about tech yet.”
The NSBA predicts that there will be more opportunities for wage increases as businesses take off, as well as interprovincial and international immigration of workers entering the province.
“This is nothing new to us, 2012-2015 was a very exciting time for us here, and what we noticed at that time were a lot of out of province plates coming into the province to find work.”
Bronwyn Eyre, minister of justice and attorney general, knows that this is not at time for Saskatchewan to slow down its efforts.
“It does mean putting in the work and creating that investment climate so that you send that message to sectors, ‘Come to Saskatchewan.'”
“We want to continue to unlock our potential, we want growth that works for everyone in our province and that’s why it’s so important to raise the concerns, but also do everything we can to go full-steam ahead because a good economy is great for everyone in Saskatchewan,” said Eyre.
The hope is that the predicted economic boom continues beyond 2023 and Saskatchewanians will see the benefits in their own homes.