News Release - September 15, 2008
SASKATOON AND REGINA TOPS IN ECONOMIC GROWTH THIS YEAR
Propelled by a roaring Saskatchewan economy, economic growth in Saskatoon and Regina will outstrip every other city in Canada this year according to The Conference Board of Canada's "Metropolitan Outlook - Autumn 2008".
The Conference Board ranked Saskatoon and Regina first and second, respectively, among Canadian metropolitan census areas (CMAs) thanks to the strongest rates of economic growth they have experienced in a decade. Real gross domestic product (GDP) is expected to rise 5.2 per cent in Saskatoon this year, while Regina's is on track to accelerate to 4.1 per cent.
"Saskatoon and Regina are two of the major focal points for Saskatchewan's ongoing economic renaissance," Enterprise and Innovation Minister Lyle Stewart said. "They are benefiting from the full force of our province's momentum, not just in one or two sectors or industries but across the entire spectrum. Through investment recruitment efforts, major projects and long-range economic development planning, we are endeavouring to ensure that this prosperity and activity is properly re-invested in the future of Saskatchewan and its people."
Resource sector activity, a healthy manufacturing outlook and accelerated services output were among the reasons cited for economic growth in Regina. Almost 3,000 people moved to the provincial capital in 2007, and net migration is expected to remain positive over the next few years. Potash and oil demand will fuel growth in 2008 in Saskatoon, which is a key regional services centre, as well as unprecedented job creation, strong population growth and a good outlook for construction activity.
The Metropolitan Outlook is published quarterly by the Conference Board and provides a medium-term forecast for 27 Canadian CMAs. The Autumn 2008 forecast covers 13 of Canada's largest CMAs.
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