For Q1 2019, SREDA is giving the Saskatoon rating a B-
Q1 Economic Dashboard Release (SREDA)
Weighing all these factors we have decided to maintain our B- ranking (‘modest growth’) for Saskatoon Region economy." Alex Fallon, President and CEO, SREDA
Q1 showed signs of continued stability in the Saskatoon Region economy. Employment indicators have turned positive with unemployment dropping to 6%, as both the labour force and employment levels increased during the quarter. We continue to see population estimates increasing, which bodes well for future work force engagement. Ongoing weaker commodity prices in Q1 and concerns related to international trade barriers on key exports remain to be important challenges for our local economy. GDP estimates continue to forecast ‘modest growth’ (1.9%) for 2019. Weighing all these factors we have decided to maintain our B- ranking (‘modest growth’) for Saskatoon Region economy. Alex Fallon, President and CEO, SREDA
JOBS | Employment Level (178,633) & Unemployment Rate (6.0%)
We are seeing unemployment rates slowly return to pre-commodity price slowdown. An average unemployment rate of 6% for a quarter hasn’t been seen since mid-2015. Likewise, we are seeing net job growth at levels we haven’t seen since 2013. Year-over-year job growth from Q1 2018 to Q1 2019 was 7,833.
Uber comes to Saskatoon:
Ride sharing laws were passed in the province and city in Q4 2018, and Uber became the fi rst ride sharing company to
jump into the Saskatoon market this quarter. It is so far unknown the number of jobs this has created in Saskatoon or the
effect it has had on the taxi industry.
Tech companies going global for new hires:
Companies like 7Shifts, Vendasta, Skip the Dishes and more are looking overseas for skilled employees. Talent attraction
continues to be a challenge for tech companies in Saskatoon.
Housing Starts (158)
This quarter showed a continued downward trend for both building permits and housing starts in Saskatoon. Building permits were down 23% compared to Q1 2018 and housing starts are down 25%. This is likely in response to lower demand, some continued oversupply in the market and a continued decline in the number of borrowers.
Census metropolitan area (CMA) is the term Statistics Canada uses to determine the demographics of greater Saskatoon (as well as other large Canadian cities). The Saskatoon CMA includes the City of Saskatoon, Rural Municipality of Corman Park No. 344, the cities of Martensville and Warman, and other smaller communities within the region.
According to Canada's 2016 census, the Saskatoon CMA has surpassed a quarter of a million people and is the 17th largest metropolitan area in the country with an estimated population of 295,095. It is also the largest CMA in Saskatchewan and has a land area of 5,214 square kilometres (2,013 sq mi).