Saskatoon job market is 'red hot' according to new report

Saskatoon’s economy outpaced every major Canadian city this year, according to the October report from the Conference Board of Canada.

The city’s GDP is expected to grow by 7.2 per cent in 2022 and 3.9 per cent in 2023, after about eight years of stagnation following the commodity crash of 2014 and two years of COVID-19 related contraction, the Conference Board said.

The Canadian non-profit think tank anticipates an average annual rate of growth of 3.6 per cent between now and 2026 — outpacing the expected national average.

Agricultural production and an acceleration in potash and uranium mining contribute the largest portion of the GDP growth, along with higher output in the oil sector, the report said.

Saskatoon’s labour market is also “red hot,” the Conference Board said.

The report said there were 8,500 net new jobs in 2021, making up for the 6,000 lost in 2020, and an additional 9,900 new jobs in the first quarter of 2022 alone.

Per capita household income is also up nearly $10,000 since 2019 to $58,106, the report says.

The Conference Board expects wage growth momentum to carry into 2023, with the growth in nominal wages just outpacing inflation through to 2026.