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Thursday, October 02, 2014
Saskatchewan

SASKATCHEWAN ECONOMY RESILIENT AND STRONG

Employment figures released today show that Saskatchewan's economy is

stronger, more diversified and more resilient than ever before, says

Economic and Co-operative Development Minister Janice MacKinnon.



"A strong economy puts people to work," MacKinnon said. "And the

latest employment figures show that more people are working in

Saskatchewan."



The Statistics Canada Labour Force Survey, for the week ended April

19th, show 470,700 people were employed in Saskatchewan 6,200 more

people than in March, and 2,000 more than a year ago.



MacKinnon said the strong showing in jobs reflects the underlying

strength and resilience of the Saskatchewan economy, especially in its

ability to deal with low prices for key Saskatchewan commodities.



"A decade ago, low prices for oil and grains would have been a

disaster for Saskatchewan," MacKinnon said. "But the people of

Saskatchewan have worked hard to diversify the economy, so these lower

commodity prices merely slow the growth, rather than bringing it to a

stop."



MacKinnon cited an article in yesterday's Saskatoon StarPhoenix

newspaper, in which a CMHC official said Saskatchewan's economy is

"stable" and will enjoy "decent growth" of around two per cent this

year.



The Conference Board of Canada has also predicted growth of more

than two per cent for 1999, and the Royal Bank of Canada's chief

economist has said that the successful diversification of

Saskatchewan's economy has meant a change from "boom and bust" to

boom and continued growth.



MacKinnon said the positive news for the economy will continue.

For example, she noted new investments and partnerships in the

forest industry that will create thousands more new jobs.



"This spring, private companies and their partners in

Saskatchewan communities announced projects that will create ten

thousand new jobs and attract $850 million in new private

investment," she said.



"These exciting, innovative new partnerships will create economic

activity the Saskatchewan way, bringing together local

communities, First Nations and Metis people, and major new

companies with important connections to global markets."



The forestry initiatives are also marked by a determined effort

to create added value from the natural resource, MacKinnon added.



"These partnerships and investments are setting the stage for

even more growth over the next decade," she said. "We will see

growth in value-added enterprise like forest farming, furniture

manufacturing, engineered wood products, and newsprint, among

other examples."



MacKinnon said the government will continue to stimulate business

and the economy with ordered and sustainable tax reductions,

building on the steady record of reductions to date.



"Since we balanced the budget in 1995, we have cut the PST by 33

per cent," she said. "Income tax is down by 10 per cent for the

average Saskatchewan family. And we have instituted a wide range

of targeted tax reductions to encourage R&D, manufacturing and

processing, and small business."



The next step, she said, will be a comprehensive 12-month review

of the personal income tax system. A Tax Review Committee was

announced yesterday consult with the people and businesses of

Saskatchewan.



"Reforms will be examined and implemented in a responsible,

sustainable way," she said.



"We want our Saskatchewan income tax system to be more responsive

and efficient, and we will work towards a new tax structure that

improves competitiveness for Saskatchewan business, fairness for

Saskatchewan families, and transparency and simplicity for

everyone."



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For more information, contact:



Bob Ellis

Economic and Co-operative Development

Regina

Phone (306) 787-1691
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