Saskatoon’s economy has bounced back, but is well below pre-COVID-19 levels: report
SASKATOON -- The Saskatoon region economy is 48.2 per cent recovered to pre-COVID-19 levels, according to the Saskatoon Regional Economic Development Authority (SREDA).
The group is measuring the recovery using an economic model called the Saskatoon Economic Recovery Tracker (SERT), according to a news release.
“We don’t know how long it is going to take, but we do know, at some point, the Saskatoon Region economy will recover to pre-COVID-19 levels. The Saskatoon Economic Recovery Tracker will help us monitor the progress and provide understanding of the different areas of the economy that contribute to recovery,” SREDA President and CEO Alex Fallon said in the release.
The model compares and weights 10 key economic indicators taken from Statistics Canada, Conference Board of Canada, the International Monetary Fund and industry associations.
- Active businesses are 22.4 per cent recovered.
- The construction sector is a bit more than half way recovered at 56.1 percent.
- Hotel occupancy and airport passenger traffic are 58.8 per cent and 18.7 per cent recovered, respectively.
- The indicators show provincial GDP has recovered by 27.4 per cent and employment has recovered by 70.9 per cent.