SASKATOON – A new report has given Saskatoon’s economy a B- grade for the third quarter of 2015. The Saskatoon Regional Economic Development Authority (SREDA) said there has been some growth in the economy in the last few months.
Overall, SREDA said gross domestic product rose 0.3 per cent from the second quarter to $17.9 billion despite the fact that housing, construction and energy have all dropped slightly.
How a new government impacts business in Saskatoon
Saskatchewan farmers will gain with Trans-Pacific Partnership
Mixed signals for Saskatchewan’s potash industry
“It’s a testament to our stable and diverse economy that the Saskatoon region realized slightly positive growth in quarter 3 despite a general economic slowdown both provincially and nationally,” said SREDA CEO Alex Fallon.
Fallon said the rating “reflects the fact that some economic indicators are showing signs of steady – although slight – growth” while recognizing a slowdown in key sectors.
According to figures from SREDA, housing starts were down 38 per cent from the same period last year while the value of building permits were off 3.5 per cent from Q3 2014 to $251.7 million.
READ MORE: Saskatoon housing starts expected to slow down
Wholesale trade, on the other hand, was up 12.2 per cent on a year-over-year basis to $18.6 billion.
“This overall growth in challenging economic times demonstrates the strength of our economy as a whole and bodes well for the future,” said Fallon.
The SREDA report stated there is optimism of a pickup in the mining and agriculture sectors and the expected increase in infrastructure spending by Ottawa should help stimulate the economy.