Growth on the horizon
Saskatchewan’s real GDP grew by 1.5% in 2017 and the provincial government has forecast growth of 2.2% for 2018. The following are the provincial government projections on key economic indicators:
A new record
The City of Saskatoon Business License Program issued 1,429 new business licences in 2017, which is a record high for the city. Historically, approximately two-thirds of new licences are issued to home-based businesses and one-third to commercial/industrial businesses.
Did employment really decline?
Saskatchewan reported a 0.2% decline in employment from 2016 to 2017.
The local story is different: employment in the Saskatoon metropolitan area actually grew by 1.1% in 2017.
Most of the provincial decline in employment was related to the agriculture sector (−10.2%), the resource sector (−5.2%), and accommodation/food services (−4.5%). These declines were largely offset by higher employment in areas such as manufacturing (+8.9%) and professional, technical, and scientific services (+7.5%).
Source: November 2017 Sask Trends Monitor by Douglas H. Elliott.
First published in the March 2018 edition of The Business Advisor.