Another of the major banks has projected Saskatchewan will finish out this year with one of the strongest growth tracks in the country.
TD Bank’s economics team is generally among the least upbeat about our prospects but their latest report offers a more bullish tone with a projection of 1.7 per cent growth this year and the same level in 2025.
TD says better crop prospects will help and early signs that other regions of the world are facing tougher growing conditions suggest grain prices may be getting a lift.
But capital investment is also a key factor. They note that potash has now surpassed oil in terms of export value and continued investment in the Jansen mine is helping boost overall activity.
Labour markets are softening a bit in their view with the unemployment rate slowly rising and job vacancies falling while population growth is slowing – all factors that suggest while still strong, increases in consumer spending may begin to cool.
Finally, they note the housing market is worthy of a mention as sales activity is now among the most robust in the country, roughly 40 per cent higher than we were before COVID.
