Member Statement (1 May 2024)

From Hansard (1 May 2024)

 

Positive Economic Outlook in Saskatchewan

Mr. Jenson: — Thank you, Mr. Speaker. Saskatchewan’s economy is reaching new heights. Statistics Canada numbers show our 2023 GDP [gross domestic product] reached an all-time high of $77.9 billion, growing by $1.226 billion or 1.6 per cent, ranking second in the nation in GDP growth.

The province’s GDP is expected to grow by 1.4 per cent in 2024, 3.1 per cent in 2025, and is forecasted to lead the nation with an increase of 3.6 per cent in 2026. And it’s not just our government taking notice, Mr. Speaker. Scotiabank’s recent provincial outcomes report has said the following, and I quote: “Despite setbacks from adverse weather conditions and weaker commodity prices last year, Saskatchewan’s solid growth path is bolstered by a strong investment outlook this year.”

Thirteen major projects are in construction phase across key sectors including agriculture, manufacturing, mining, and oil and gas. And BHP’s approval of the $6.4 billion investment in the Jansen stage 2 project should drive growth prospects over the next few years. Residential construction is also booming, with housing starts sitting at levels above the past few years while most provinces are experiencing a slowdown in building activities. Rapid growth in business investments supports job gains, and hiring has ramped up since late last year.

Mr. Speaker, we know the opposition will continue talking down the economy in every room, even the ones they charge $2,500 a table for others to be in. Thank you.

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