TD Canada Trust is the most recent major bank speaking about Saskatchewan’s economy in glowing terms in its latest quarterly report.
It says its revision for Saskatchewan’s performance in the coming months boasts the strongest improvement of all the provinces. Its economists expect expansion of 4.8 per cent this year and another 3.4 per cent growth next year.
Their quarterly forecast depicts an economy firing on cylinders.
Rising oil prices are triggering a growth in rig counts in the province. Demand for wheat as a result of the Russian invasion will lift farm incomes while the conflict is also triggering growing demand and higher prices for potash.
One of the key indicators highlighted by TD’s economists is capital spending or investment. They project Saskatchewan will see the largest increase of all the provinces at 25 per cent, fueled by the Jansen Potash project and growth in public institutional and infrastructure spending as the treasury benefits from higher commodity prices.
Housing will be strong. Home sales outpaced the rest of the country last year and they expect a repeat performance in 2022 which could push prices higher in the back half of the year.
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