Released August 12, 2022
Saskatchewan leads province in year-over-year growth
Today, Statistics Canada released June 2022 building construction investment figures, which show Saskatchewan saw a 63.0% increase (seasonally adjusted) from June 2021, ranking first rank of provinces in terms of percentage change.
Saskatchewan also saw strong month-over-month growth in building construction investment with a 17.6% increase (seasonally adjusted) between May 2022 and June 2022, second among the provinces. The value of building construction investments in June 2022 was $464 million, the highest monthly investment in the province since August 2013.
Investment in residential building construction also saw strong month-over-month growth with an increase of 24.0%.
“Saskatchewan’s economy is growing at full steam as we advance our government’s strategy to grow our exports and attract investment to the province,” Trade and Export Development Minister Jeremy Harrison said. . “Saskatchewan is a world leader in sustainably producing the food, fuel and fertilizer the world needs, something that will lead to more jobs and opportunities in our province for years to come.
Statistics Canada’s latest Labor Force Survey showed there were 581,600 people employed in July 2022, an increase of 24,400 jobs (+4.4%) from July 2021, the third percentage increase the highest among the provinces. The seasonally adjusted unemployment rate of 4.0% remained the second lowest among the provinces, down from 7.1% in July 2021 and well below the national average of 4.9%.
Saskatchewan has ranked high in a number of other key economic indicators in recent months, including June 2022 merchandise exports, which recorded the second-highest year-on-year growth over the past few months. other among the provinces at 57.3% and June 2022 building permits, which recorded the second-highest month-over-month growth among the provinces at 15.8% and the third-highest high year over year at 27.4%. In June 2022, urban housing starts recorded the second highest year-over-year growth at 87.0%, compared to the national increase of 0.2% (unadjusted).
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