As 2014 comes to an end, Saskatchewan’s economy will likely set records for population growth, jobs created, manufacturing sales and wholesale trade.
“There were major forces at work in 2014 that impacted economies all over the world,” Economy Minister Bill Boyd said. “In spite of those pressures, several economic indicators surpassed 2013 levels as a result of our diversified and resilient economy.”
Saskatchewan’s population hit a record 1,129,899 on October 1, 2014, up 1.63 per cent over October 2013, which is the second highest growth rate among the provinces.
The unemployment rate in the province remained low at 3.4 per cent in November 2014. Saskatchewan has had the lowest unemployment rate among the provinces for 24 consecutive months. In the January-November period, Regina had the lowest unemployment rate (3.4 per cent) among major Canadian cities, while Saskatoon had the second lowest rate (4.1 per cent).
Saskatchewan’s job growth remains positive, with November 2014 recording 15,300 new jobs held when compared to November 2013, an increase of 2.8 per cent – more than triple the national average. This was the trend for the year with the first 11 months of 2014 recording an increase in employment of 10,500 people in the province, up 1.9 per cent over the same time period in 2013. Saskatchewan had the second fastest rate of job growth among the provinces.
“Job growth continued to be strong in 2014,” Minister responsible for Immigration, Jobs, Skills and Training Jeremy Harrison said. “We made significant investment into Adult Basic Education programming as well as training and apprenticeships to ensure our work force remains strong.”
Manufacturing sales totalled a record $14.0 billion in the first 10 months of 2014, a 5.9 per cent increase over the same period last year. Wholesale trade totals for the first 10 months of 2014 were a record $21.6 billion, up by 4.0 per cent over the first 10 months of 2013.
“Looking back at 2014, it was a fairly good year for Saskatchewan,” Boyd said. “As for 2015, forecasters predict the price of oil and our economy will bounce back – and we’ll return as one of the top economic performing provinces in Canada.”
