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When the economists at the various chartered banks issue their quarterly forecasts it’s an interesting game to see if any of them step out of line with the rest of the chorus. This time round it was ScotiaBank.
In its fall report, the team at this bank came up with a unique angle on why the Saskatchewan picture should be a bit brighter than predicted by the other banks. They point to immigration.
They noted that job creation is on a pace we haven’t seen in five or six years with much of the growth coming high paying positions such as finance and technical fields. Yet, we are losing people to other provinces at a rate not seen since the early 90s. But it’s international immigration that is the buffer. Working age people arriving here from other nations results in more household formation which is a foundational element of longer term growth.
The upshot of this is growth of 1.3 percent projected for this year….the only one of the banks so far to say we are going to exceed the one-percent threshold.
