CANADA, September 21 – Released September 21, 2022
The province remains strong on a number of key economic indicators while maintaining one of the lowest unemployment rates in the country.
Saskatchewan again leads the nation in several key indicators of economic growth. Recent reports from Statistics Canada show that in July 2022 Saskatchewan was the leader in investment in building construction, manufacturing sales and wholesale trade.
“Saskatchewan’s economy has led the country for many months and these numbers show that momentum is continuing,” said Secretary of Trade and Export Development Jeremy Harrison. “Combined with significant private sector investment, it is clear that Saskatchewan has the food, fuel and fertilizer the world wants and needs, and that translates into good jobs and incredible opportunities for the people of our province.”
Construction investments increased dramatically in July 2022 by 81.8 percent compared to July 2021. This was by far the strongest increase among the federal states and well above the national average of 14.7 percent. The value of investments in building construction as of July 2022 totaled $474 million.
Wholesale sales rose 72 percent in July 2022 compared to July 2021, also the highest increase among provinces and well above the national average of 12.9 percent. Between June 2022 and July 2022, the value of wholesale sales in Saskatchewan increased 5.6 percent, ranking second among provinces in percentage change and well above the national average of a 0.6 percent decline. The wholesale value was $4.2 billion as of July 2022.
Manufacturing sales rose 26.8 percent in July 2022 from July 2021, the second-highest increase among provinces and above the national average of 19.1 percent. Saskatchewan also ranked second among provinces for monthly manufacturing sales growth, up 4.5 percent, ahead of the national average of a 0.9 percent decline. The value of manufacturing sales as of July 2022 was $2.3 billion.
Urban housing starts in Saskatchewan increased 35.6 percent in August 2022 compared to August 2021, the second-highest increase among provinces and well above the national average of 2.8 percent.
In August 2022, Saskatchewan posted a record job count for the month with 581,500 jobs, up 12,300 jobs from August 2021.
Saskatchewan’s seasonally adjusted unemployment rate was 4.9 percent, the third lowest among provinces, down from 7.0 percent in August 2021 and below the national average of 5.4 percent.
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For more information contact:
Jill Stroeder
Trade and export development
Regina
Telephone: 306-787-6315
Email: [email protected]
