SASKATOON, SASKATCHEWAN – Today, the Saskatoon Regional Economic Development Authority (SREDA) released its Q4 2015 Economic Update and Dashboard for the Saskatoon Region. This report summarizes key economic indicators, along with sector analysis and input from local business groups and industry experts.
This report maintains a B- rating for the region’s economy, although this is down from a B+ in Q2 2015.
Commenting on the report, Alex Fallon, President and CEO, SREDA affirmed: “Q4 2015 confirmed that the Saskatoon Region has entered a new era of more moderate and steady growth, especially when compared to the recent years of extraordinary growth. This is in large part due to the challenges in the energy sector, reduced commodity prices and a slowdown in the construction industry.”
SREDA’s forecast is for minimal growth in early 2016 (0.2% – 0.6%) but a pick up in the second half of the year as GDP moves into the 2% range. In addition, SREDA forecasts an increase in population and employment and expects the unemployment rate to remain in the 5% to 6% range.
Fallon said: “Looking forward, Saskatoon’s diverse economy, continued demand for our natural resources, ongoing and new infrastructure projects combined with increased entrepreneurialism gives us optimism, albeit somewhat cautious optimism, for steady growth in the Saskatoon region economy in 2016-2017.”
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For more information, please contact:
Alex L. Fallon
President and Chief Executive Officer, SREDA
P: (306) 250-8505 E: afallon@sreda.com
The Saskatoon Regional Economic Development Authority (SREDA) helps grow the local economy by providing programs and services in the areas of business attraction, retention and expansion; entrepreneurship support; regional planning; and marketing the Saskatoon region. For more information, visit SREDA.com.
