The economics unit at RBC Royal Bank seems to have turned a new leaf on the type and volume of research it is doing and the output is proving to be both interesting and useful.
Earlier this week the team issued an updated forecast for the various provincial economies. And now they have drilled down on that a bit further….looking at how reliant each province is on the American market and then, more specifically, the regions currently considered COVID hotbeds.
These regions include Florida at the top of the list followed by Georgia, Arizona and Nevada all the way down to Maryland, New York and Alabama rounding out the top 10, something that could hurt our economy if things get worse in the US.
Here’s how Saskatchewan fares on this front. Basically, we’re in the middle of the pack. 63-percent of our trade is with the US. That ranks #5. Alberta tops the list with an 83-percent dependency factor on American markets. On the more refined metric – of how our US trade is impacted by high COVID infection rates – again, we are in the middle at #5.