Number of businesses
Despite the pandemic, new businesses continued to open in Saskatoon. March, April, and May witnessed more businesses closing than opening, though, with business closures peaking in April. June showed an almost equal number of businesses opening and closing. Overall, the number of continuing businesses in Saskatoon has dropped about 10% since the start of the pandemic.
Housing starts
Housing starts in Saskatoon generally increased from March to July compared with the same months in 2019, with a 700% increase from July 2019 to July 2020. The sharp July increase was due to the start of around 450 units of apartment-style housing. The numbers started to decline in August and September, with September showing a 60% decrease from 2019.
Employment
Saskatchewan, including Saskatoon, has experienced smaller job losses than other provinces during the months of the pandemic.
About two-thirds of those who lost their jobs between February and June have secured employment in recent months. In September, Saskatoon’s employment level was about 96% of the level in February.
Sources:
– Statistics Canada. Table 33-10-0270-01, Experimental estimates for business openings and closures for Canada, provinces and territories, census metropolitan areas, seasonally adjusted, Oct. 2020.
– CMHC. Preliminary Housing Start Data, Oct. 2020. https://www.cmhc-schl.gc.ca/en/data-and-research/publications-and-reports/preliminary-housing-start-data.
– Statistics Canada. Table 14-10-0294-02, Labour force characteristics by census metropolitan area, three-month moving average, seasonally adjusted (×1,000), Oct. 2020.
– Royal Bank of Canada. RBC Economics: Provincial Outlook. Diverse yet together in experiencing historic recession, Sept. 2020. https://royal-bank-of-canada-2124.docs.contently.com/v/provincial-economies-diverse-yet-together-in-experiencing-historic-recession-report
First published in the December 2020 edition of The Business Advisor.