Trends show economy doing better than expected: SREDA

Multi-family residential homes under construction in Martensville

The red-hot boom years may be over, but the Saskatchewan economy is still doing well.
And the Saskatoon region is performing better than other parts of the province, according to Alex Fallon, Chair of the Saskatoon Regional Economic Development Authority (SREDA).
In a presentation to the Prairie Sky Chamber of Commerce (PSCC) economic outlook luncheon in Martensville May 31, Fallon said SREDA is forecasting a two per cent growth rate for the Saskatoon region in 2018, and a 1.9 per cent growth rate for 2019..
“Many people think we are struggling,” said Fallon. “But overall, two per cent growth is good. It’s better than a lot of places in Canada.”
Fallon noted that different sectors are performing at different levels, and the two per cent growth rate reflects the overall picture.
“The science and technology sector, led by innovations at the university, is performing very well,” said Fallon. “New tech companies are starting in the region and province, and local companies are being bought out by bigger ones.
“Construction is slowing down, and the retail and wholesale sector is down significantly, but I expect they will move up in future quarters.
“The energy sector, which includes not just oil and gas but also renewable energy sources like solar and wind, is neutral right now.
“The agriculture sector is up, mining is neutral, and manufacturing is up.
“So there is a bit of rebounding happening overall. The trend is gradually upward.”
Overall, said Fallon, we can expect moderate growth because of the diversity of the overall regional economy.