This is turning out to be a good year for Saskatchewan’s economy. A surprisingly good year actually.
That’s the theme of the latest quarterly economic forecast issued by RBC Royal Bank. It says Saskatchewan has done so well in the first eight months of the year; they have issued an upward revision on their expectations for the year.
They currently project growth of just under two-percent this year which puts us in the top three among the provinces and well above the national rate of 1.1 percent.
The bank’s economists say the strong mining sector is attracting expansion capital, resulting in strong employment and consumer spending. In fact, they say consumer spending levels have surprised to the upside, prompting the revision.
And they say Saskatchewan’s housing sector is hot as the benchmark price for a home has risen six points in the last year while the national composite benchmark has fallen by more than 4-percent.
Investment inflows to fund projects such as the Jansen mine construction are also outpacing the national numbers. Capital expenditures in Saskatchewan have risen 15-percent compared to less than 5-percent nationally.
