Author: Brett Gartner
The new outlook for Saskatchewan’s economy is excellent with the province moving to the top of the economic leader board in Canada, the Canada West Foundation says in an economic profile and forecast released today.
Brett Gartner, Senior Economist for the Foundation described the outlook for the Saskatchewan economy as excellent overall and very favourable for virtually every sector.
“From coffee row to corporate boardrooms, people across the province are genuinely optimistic about what the future holds,” Gartner said.
Some of the highlights within the annual forecast include:
Saskatchewan will lead the country in 2008, with real economic growth of 3.6% for 2008
Mining, construction, oil exploration and production, and retail will all do well in 2008
While there are no certainties in agriculture, the outlook for crop producers is also quite good; Crop receipts are expected to increase 18%, after a 39% increase in 2007.
Saskatchewan’s robust economy will encourage more people to move to Saskatchewan and thus the population will continue to expand.
Gartner said the optimism in Saskatchewan stands in stark contrast to the dark backdrop of grim economic and financial news emanating from south of the border.
“More than any other province in Canada, Saskatchewan is well positioned to ride out the storm,” he added.
The forecast defines some of the issues and challenges as:
Shortage of labour, a situation that will intensify as the economy steams ahead
Rising costs for private sector investment plans as well as the provincial government’s ambitious infrastructure expansion program
Housing affordability and availability with skyrocketing housing prices and rents, as well as low rental vacancy rates.
“Addressing these issues in an environment of rapid growth will test the mettle of the province’s decision-makers,” Gartner said.