Saskatchewan: Recording Highest Growth Rates In Canada

Saskatchewan is blessed with many natural resources: abundant energy supplies, diverse mineral deposits and a large, rich land base that continues to grow high-quality grains and oilseeds. Saskatchewan continues to produce a large surplus of food and energy, supporting the world with it’s demand. The leadership and government of Saskatchewan are doing a really good job! They have identified four key areas of importance for the future.

1. Sustaining growth and opportunities for all the Saskatchewan people.
2. Improving their quality of life.
3. Making life more affordable.
4. Delivering responsive and responsible government.

Those are not just pipe dreams; they are actually achieving it. Right off the bat, it’s clear that any region making “sustainability” a top priority is indeed guaranteeing a future that will provide, contribute, and be long lasting.

Economic Success

A variety of economic indicators demonstrate that significant growth is happening in Saskatchewan, and that there is an increasing demand for labor in the energy market.

In 2011, Saskatchewan recorded the highest growth rate across Canada in retail sales and building permits, and the second highest in new vehicle sales and new housing starts.

The Saskatchewan government has been rewarded for its careful fiscal management, receiving its first ever “AAA” credit rating in 2011 from Standard and Poor’s, their highest rating. The province’s debt to GDP ratio is steadily improving while other governments are either struggling to get out from under a mountain of debt or are returning to deficit positions to fund their government programs.

For 2012-13, the government has a balanced budget; it is also balanced on a summary basis. Not only is the budget balanced, but it maintains some funds in reserve to help pay for unexpected emergencies: There is $756.4 million in the Growth and Financial Security Fund.

Infrastructure

Investments are also being made to support provincial industries in gaining access to international markets. Funding the Saskatchewan Trade Export Partnership (STEP) is increasing by $500,000, with a total funding of $3.4 million, to ensure long-term economic strength through export growth.

Research and Innovation

Investing in research and innovation at post-secondary institutions can lead to an improved quality of life for Saskatchewan and, furthermore, have a positive impact around the world.

The Canadian Light Source (CLS or Synchrotron), one of the most advanced synchrotron facilities in the world, is attracting researchers from across Canada and internationally to erform
research that will help identify new ways to tackle diseases, make plants more productive, and make metals more resilient. CLS will receive an increase of $1.5 million, for a total operating budget of $4.1 million.

The provincial investment in the Saskatchewan Research Council is increasing by $850,000 to $19.0 million. This increase supports an organization that has a proven track record of success in helping industry partners in the province innovate and improve their competitiveness.

Oil and Gas

With production of over 460,000 barrels a day, the oil sector plays a major role in Saskatchewan’s economy. As the second largest oil producer in Canada, Saskatchewan’s oil industry has emerged due to new and innovative approaches in enhanced oil recovery. Whether in the heavy oil fields around Lloydminster or unlocking the trapped oil in the tight oil formations in the southeastern Bakken fields, Saskatchewan’s oil industry has been a world leader in applying innovative techniques to expand the amount of oil that is recovered and produced.

Oil and gas sales of $12.7 billion with exports topping $10 billion were released in 2011, representing 23 percent of the total provincial exports. Estimates indicate that the oil and gas industry accounted for 33,200 person years of direct and indirect employment in 2011. The majority of the province’s exports are to the United States, making Saskatchewan a key energy provider for the U.S. and an important source of safe, secure, and reliable energy. Currently, Saskatchewan exports more oil to the U.S. than Russia or Kuwait.