Saskatoon and Regina are forecast to be the fastest growing census metropolitan area (CMA) economies in Canada this year, according to The Conference Board of Canada's Metropolitan Outlook - Autumn 2013.
"Saskatoon and Regina continue to sizzle. In 2013, both economies are expected to grow about three times as fast as the overall Canadian economy,” said Mario Lefebvre, Director, Centre for Municipal Studies. "Vibrant job markets in Saskatoon and Regina are attracting newcomers from all over Canada and abroad, boosting population growth and spurring demand for housing.”
Thanks to strength in the goods producing sector, Saskatoon's economy will expand by a significant 5.2 per cent in 2013, before easing to a still-strong 3.5 per cent in 2014. The city's employment, which rose a robust 4.7 per cent in 2012, is expected to grow by an even stronger 6.1 per cent this year.
Following real gross domestic product (GDP) growth above five per cent in two of the last three years, Regina's economy will also continue to expand at a brisk pace. Regina's economy will grow by five per cent this year and 3.9 per cent in 2014.