Saskatchewan is once again a national leader in several key indicators of economic growth, with recent reports by Statistics Canada showing we led in investment in building construction, manufacturing sales, and wholesale trade in July 2022.
"Saskatchewan's economy has been leading the country for many months and these numbers show that that momentum is only continuing," Trade and Export Development Minister Jeremy Harrison said. "Combined with significant private sector investment, it is clear Saskatchewan has the food, fuel, and fertilizer the world wants and needs and that is translating into good jobs and incredible opportunity for the people of our province."
Investment in building construction increased dramatically in July 2022, rising 81.8 percent compared to July 2021. This was by far the highest increase among the provinces and well above the national average of 14.7 percent. The value of the overall investment in building construction totaled $474 million in July 2022.
Wholesale trade jumped 72 percent in July 2022 compared to July 2021, also the highest increase among provinces and well above the national average of 12.9 percent.
Between June 2022 and July 2022, the value of wholesale trade in Saskatchewan increased by 5.6 percent, ranking second in terms of percentage change among the provinces and well above the national average of a 0.6 percent decrease. The value of wholesale trade totaled $4.2 billion in July 2022.
Manufacturing sales grew 26.8 percent in July 2022 compared to July 2021, the second highest increase among the provinces and above the national average of 19.1 percent. Saskatchewan also placed second among the provinces in month-over-month manufacturing sales growth, with an increase of 4.5 percent, which was above the national average of a 0.9 percent decrease. The value of manufacturing sales totaled $2.3 billion in July 2022.
Urban housing starts in Saskatchewan increased by 35.6 percent in August 2022 compared to August 2021, the second highest increase among the provinces and well above the national average of 2.8 percent.
In August 2022, Saskatchewan set a record high number of jobs for the month at 581,500 jobs, an increase of 12,300 jobs compared to August 2021.
Saskatchewan's seasonally adjusted unemployment rate was 4.9 percent, the third lowest among provinces, a decrease from 7.0 percent in August 2021 and below the national average of 5.4 percent.