Statistics Canada has released the October 2022 investment in building construction and manufacturing sales numbers, showing Saskatchewan’s economy remains strong.
Investment in building construction saw a 39.3 per cent increase compared to October 2021, while the value of manufacturing sales in Saskatchewan increased by 7.4 per cent compared to September 2022. Both areas ranked first in the nation in terms of percentage change.
“Month after month Saskatchewan shows continued growth in several different key economic indicators, with record investment in our province,” Trade and Export Minister Jeremy Harrison said. “Saskatchewan’s economy is one of the most competitive in the nation, and today’s numbers are further proof that our province remains the best place to work, live and do business in Canada.”
The province also saw increases to month-over-month non-residential building construction, which was up 3.1 per cent, as well as year-over-year growth of 27.3 per cent in manufacturing sales.
In October 2022 the value of building construction investments was $445 million, while manufacturing sales was over $2.3 billion.
In recent months, Saskatchewan has shown strong growth in several other key economic indicators. October merchandise exports growth was the highest among provinces, increasing 47.5 per cent compared to October 2021. Housing starts were also up in October, showing a 78 per cent increase compared to October 2021, ranking second among provinces.
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).