Overview
In 2008, Saskatoon's gross domestic product (GDP) growth soared to 5.4 percent. This was largely due to the increasing prices for primary resources, such as potash and uranium; as well as an influx of people moving to the region for career opportunities and higher quality of life.
Business within the region has prospered at the same time as Saskatoon’s economy. Over 1000 new commercial or home-based businesses set up shop in Saskatoon in 2008, along with numerous expansions of existing companies. Over $900 Million was invested in residential and non-residential buildings in the past year, and nearly $2 Billion has been invested since 2006.
The year 2008 saw remarkable growth in residential and non-residential construction in the city and surrounding areas, which drove gains in many other sectors, including the wholesale and retail trade sector, as well as the financial, insurance and real estate sectors. Rising commodity prices also contributed to a 4.8 per cent increase in the GDP for the agriculture, mining, oil and gas, and utilities sector.
