Saskatchewan has once again led all provinces in a key economic indicator, with the value of wholesale trade increasing by 44 per cent (seasonally adjusted) between May 2021 and May 2022. In comparison, the province with the second highest growth during this time period was Alberta, which saw an increase of 20.6 per cent.
Between April 2022 and May 2022, Saskatchewan also led all provinces in wholesale trade growth, with an increase of 4 per cent (seasonally adjusted). These numbers exceed the national averages of year-over-year and month-to-month wholesale trade growth, which were 11.7 per cent and 1.6 per cent respectively.
“These nation-leading wholesale trade numbers show just how strong the provincial economy continues to be,” Trade and Export Development Minister Jeremy Harrison said. “The world wants what Saskatchewan has and we will continue to work to get our products to market and bring significant investment into our province.”
Strong wholesale trade growth was seen in the agriculture sector between April 2022 and May 2022. The farm products subsector had the highest month-to-month increase, rising 19.8 per cent. The machinery, equipment and supplies subsector was up 19 per cent, driven by strong growth in the farm, lawn and garden machinery and equipment industry.
The farm products subsector also saw significant growth between May 2021 and May 2022, increasing by 79.3 per cent to $273 million. The total value of wholesale trade in May 2022 was $3.6 billion.
Saskatchewan has been a top performer in a number of key economic indicators in May 2022. Investment in building construction grew by 6 per cent compared to April 2022, the highest month-to-month increase among the provinces. Manufacturing sales grew by 2.5 per cent compared to April 2022, the third highest month-to-month increase among the provinces. Merchandise exports increased 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’s unemployment rate fell to 3.9 per cent, the second lowest among the provinces and the lowest for the province since November 2014.