SASKATOON, SASKATCHEWAN AND REGINA, SASKATCHEWAN — (Marketwired) — 04/05/13 — The next three years will bring 10,000 new jobs to Saskatoon and 7,000 new jobs to Regina, according to a new report released today by BMO Economics.
The report on Saskatchewan-s two biggest cities is the latest in a series of economic, housing and business overviews for various cities and regions across Canada that will be published by BMO throughout this year. BMO released today-s report in advance of its Annual Meeting, which will take place in Saskatoon on Wednesday, April 10.
“Saskatchewan remains among the top economic performers in Canada, with strong resource-sector activity helping to maintain above-average growth,” said Robert Kavcic, Senior Economist, BMO Capital Markets. “Real GDP is expected to grow 2.4 per cent this year, well above the national figure of 1.5 per cent. The Saskatoon and Regina economies continue to perform relatively well, with Canadians drawn to the region-s job prospects, above-average wages and affordable housing.”
Employment growth remains solid in the province, rising nearly 4.4 per cent year-over-year in in Q1 2013, the fastest pace in Canada and pulling the jobless rate below 4 per cent, the lowest in more than 4 years. “With more than half of the province-s workforce, Saskatoon and Regina are driving this trend, up 6.4 per cent year-over-year and 4.3 per cent year-over-year respectively and boosted by strong growth in the resource, construction and trade sectors,” noted Mr. Kavcic. “Looking out over the medium term, Saskatoon and Regina will likely see about 10,000 and 7,000 jobs created, respectively, by the end of 2016, pinning the unemployment rates close to 4 per cent.”
“Both Saskatoon and Regina are choice destinations, with local businesses benefiting from the ongoing economic strength across the province,” said John MacAulay, Senior Vice-President, Prairies, BMO Bank of Montreal. “With local businesses driving ahead and making important investments in new equipment, expanding their operations and hiring people, the best is yet to come in both cities. BMO is open for business; we encourage businesses to get their share of the $10 billion in credit BMO has made available, giving them access to the capital they need to grow.”
The report, released today, revealed:
Resource sector
Construction
Housing Market
The full report is available here: .
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $542 billion as at January 31, 2013, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.
Contacts:
News Media Contacts:
Peter Scott, Toronto
(416) 867-3996
Matt Duffin, Toronto
(416) 867-3996
Valerie Doucet, Montreal
(514) 877-8224
Laurie Grant, Vancouver
(604) 665-7596
Internet:
Twitter: @BMOmedia