Economic Profile Trends
Saskatoon is Saskatchewan's largest city. With a growing population and a thriving business sector, Saskatoon has positioned itself as an attractive and vibrant city that is the primary engine of the Saskatchewan economy. Notwithstanding the global economic challenges, Saskatoon's diverse economy, low unemployment, healthy real estate market, and rising incomes all indicate that Saskatoon will continue to grow and prosper, becoming an even more attractive and competitive city.
One factor driving Saskatoon's population growth is the abundance of job opportunities that are available in the city. Employment growth in 2021 and 2022 was steady, and the economy continues to be strong even after the impact of the COVID-19 pandemic.
Helpful resource: Saskatoon Strategic Trends 2023
Demographic Trends
According to Statistics Canada, the population of the Saskatoon CMA, which includes cities and towns such as Martensville, Warman, and Delisle, was 347,536 as of July 1, 2022. Saskatoon CMA's population increased by 2.26 % in 2021/2022. The Saskatoon CMA was followed by Victoria (2.24%), Guelph (2.2%), and Chilliwack (CA) (2.16%). None of the Prairies CMAs was among the top ten CMAs with the strongest population growth in Canada. Calgary fell within the top thirteen with a population increase of 3.19%.
The City of Saskatoon's internal projections and estimates indicate that as of July 1, 2023, Saskatoon's population had reached 290,750. Since 2017, the city has added approximately 21,802 new residents averaging 3,898 new residents per year.
Saskatoon's strong population growth has been driven primarily by international immigration. 88% of net migration in the CMA has come from international immigration. Saskatoon is also having more people moving to Saskatoon from other places in Saskatchewan but is losing more people to other provinces than are being drawn in.
Sources: Table: 17-10-0135-01, Population estimates, July 1, by census metropolitan area and census agglomeration, 2016 boundaries, Source: Table 17-10-0136-01, Components of population change by census metropolitan area and census agglomeration, 2016 boundaries. City of Saskatoon, Mapping and Research and Mapping
Economic Trends
Saskatoon's unemployment rate was reported as 4.3% by the Conference Board of Canada in January 2022. Source: Conference Board of Canada, Saskatoon Unemployment rates, 2022
Labour Force & Employment Growth
2022 was a record year for employment growth in Saskatoon with the city leading the country in several indicators. 2022 Year-End Review Labour Force Survey Data
Inflation
Saskatoon's Consumer Price Index (CPI) continues to increase annually; with a 15.7% increase from 2021-2022. A Municipal Price Index (MPI) for the City of Saskatoon is calculated for future budgeting benchmarks and reviewed biennially. Source: Conference Board of Canada, Saskatoon Disposable Income per Capita (% change) 2021-2022
Gross Domestic Product (GDP)
As of the fourth quarter of 2022, the Saskatoon region's real GDP (in 2007 millions) was $23,628.89 million. Source: Conference Board of Canada, Saskatoon Gross Domestic Product, 2022
Retail Sales
According to the Conference Board of Canada, the Saskatoon CMA saw a 12.5% increase in retail sales growth in 2021/2022 after experiencing a 19.8% increment in 2021. Source: Conference Board of Canada, Saskatoon Gross Domestic Product, 2022
Disposable Income
Since 2016, Saskatoon's personal per capita disposable income growth has fluctuated annually between -0.7% and 15.7%. The Conference Board of Canada is forecasting that disposable income per capita, and the Consumer Price Index will increase in 2023 and 2024. Source: Conference Board of Canada, Saskatoon Gross Domestic Product, 2022
Building Permits
For cities, a good indicator of economic activity is the number of building permits issued each year. In 2022, the City of Saskatoon issued 3,680 building permits. The value of construction for the building permits issued in 2022 was $770,305,000. This is a decrease from 2021 when the number of permits issued was 3,762 building permits; however, the value of construction was $725,028,000, which is an increase from 2021. Source: City of Saskatoon, Building Standards
Business Licenses
In 2022, the City issued 1,145 new business licenses (465 commercial, and 680 home-based businesses). The average annual growth rate of business licenses is 1.0% since 2014. Source: City of Saskatoon, Business Licensing