Saskatchewan's Success story

According to Enterprise Saskatchewan, a provincial government ministry, Saskatchewan’s booming provincial economy is driven by natural resources and value-added industries, with “solid investment opportunities in the province’s 18 key sectors that are unique to Saskatchewan”. For example, Saskatchewan is the second-largest oil producer in Canada, exporting more oil to the US than Kuwait; the largest mineral producer in Canada and the world’s leading supplier of both potash and uranium; a major world agricultural exporter, including the world’s largest exports of lentils and chickpeas, and 10% of world wheat exports. 

Saskatchewan supports a large and diversified value-added sector with concentrations in agri-food processing, alternative energies and environmental services, bio products, bio fuels, and information technology. Provincial telecommunications Crown corporation SaskTel is a North American leader in providing high-speed Internet – more than 85% of Saskatchewan’s population has access to high-speed Internet. And, just about anytime an electronic financial transaction takes place in Canada, through a chartered bank or otherwise, it’s handled by a Saskatchewan-based company.

Every financial institution forecasts continued growth based on Saskatchewan’s rich mineral resource base, agriculture, and a growing manufacturing and transportation sector that is profiting from Saskatchewan’s central positioning in North America. For example, the latest Conference Board forecast expects Saskatchewan to grow 3.5% in 2010 and 2.9% in 2011. The continued strong economic growth and consequent strong net in-migration are expected to continue to support a strong housing and development sector in the province and in the capital city.

The provincial government is laying the groundwork to create the most competitive business environment in the country. Saskatchewan’s general corporate income tax rate has come down five percentage points in the last few years, and there are no payroll taxes, HST or general corporate capital taxes.

The Saskatchewan economy is so strong and stable that the April 2010 issue of Alberta Venture featured a series of articles titled: “This Boom Goes On | A lesson from Saskatchewan on building a recession-resistant economy”.

According to the latest forecast by Scotia Economics released June 16, 2010, Saskatchewan will have the second-fastest growth in Gross Domestic Product in Canada this year. The provincial trends report said Saskatchewan's GDP will grow by 3.9%, which is above the projected overall national average of 3.6% and ahead of every province except Alberta. A revival in export sales and continued population growth "once again places Saskatchewan among the top performing provinces,'' the report said.