Monday, June 24, 2024

Saskatchewan Continues Growth in Retail Trade

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Statistics Canada released retail trade figures from October 2022, showing Saskatchewan’s ongoing strength in the retail trade sector. Compared to October 2021, the province has seen 9.0 per cent growth, above the national average of 6.4 per cent – second in terms of percentage change among the provinces.

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“Saskatchewan continues to impress with its strong and growing economy,” Minister of Trade and Export Development Jeremy Harrison said. “We are seeing increased activity in our local businesses and services. Our government will continue to support Saskatchewan’s small business community as we work to maintain our position as one of Canada’s most competitive business environments.”

Saskatchewan also saw 3.7 per cent growth month-to-month, for a total of over $2.1 billion (seasonally adjusted) over the course of October 2022.

Saskatchewan has ranked first in Canada in several other key economic indicators in recent months. Statistics Canada reported a 46.7 per cent jump in wholesale trade for October 2022, compared to October 2021, while that same period saw the value of merchandise exports up by 47.5 per cent and building construction up by 39.3 per cent. Manufacturing sales in Saskatchewan are also up, increasing by 7.4 per cent compared to September 2022, first in the nation in terms of percentage change.

In November 2022 the province’s unemployment rate fell to 4.2 per cent, the second lowest among provinces, and well below the national average of 5.1 per cent (seasonally adjusted).

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