Wednesday, February 28, 2024

Saskatchewan Housing Starts Surge in June 2022

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Saskatchewan’s economy continues to show strong growth with urban housing starts increasing by 87 per cent between June 2021 and June 2022.

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This was the second highest year-over-year growth rate among the provinces and far exceeded the national average of 0.2 per cent during this period.

“Once again, Saskatchewan is one of the top performing provinces in a key indicator of economic growth,” Trade and Export Development Minister Jeremy Harrison said. “This major increase in housing starts, combined with our strong record of job creation and investment attraction, shows there is tremendous confidence in our province continuing to be an economic leader in Canada.”

During the first six months of 2022, Saskatchewan urban housing starts increased by 28.4 per cent compared to the same period in 2021. An increase in housing starts in Saskatoon was a major factor in this increase. In the first half of 2022, Saskatoon housing starts jumped 175 per cent compared to the same period in 2021.

In May 2022, Saskatchewan led all provinces in both month-to-month and year-over-year wholesale trade growth. May also saw Saskatchewan lead the provinces in growth in month-to-month investment in building construction. Merchandise exports also showed strong growth in May, increasing by 55 per cent year-over-year and 22.7 per cent month-to-month, which placed Saskatchewan second among the provinces in both categories.

In June, Saskatchewan added 22,300 jobs, bringing the provincial unemployment rate down to 3.9 per cent, the second lowest among the provinces.

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