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Saskatoon’s economy will be the envy of Canada if a forecast from a leading think tank holds true.
The Conference Board of Canada’s October report is projecting the Bridge City will outpace every major Canadian city in economic growth over the next year.
The report says the city’s GDP is on track to grow by 7.2 per cent in 2022 and 3.9 per cent in 2023.
That will be driven in large part by growth in potash and uranium mining, along with higher output in the oil sector.
According to the Saskatoon Regional Economic Development Authority (SREDA), the report validates what many local businesses have been saying for some time: The Saskatoon labour market is “red hot posing challenges and opportunities,” CEO Alex Fallon said in a release.
“Even at a time when the Canadian and many international economies are slowing, Saskatoon has a specific set of strengths that makes for a strong, diversified and growing economy. SREDA does not see that changing any time soon.”
The report also notes that per capita household income is up nearly $10,ooo since 2019, which SREDA said will drive consumer spending and further support economic growth.
