Legislative Report
December 23, 2021

Strong Economic Indicators for 2022

This is the season to celebrate what we have accomplished and lend a helping hand to those who have not been so fortunate.

The past year has presented unique challenges, and while some will continue into the new year, our province is resilient. Forecasters are looking at Saskatchewan's economy to lead the nation thanks, in part, to strong demand for exports such as natural resources. The forestry sector will see historic investment in the months ahead, creating an estimated 3,000 new jobs. In all, $10 billion of private investments were announced this year, a very strong indicator of confidence in the provincial economy.

Year-over-year, Saskatchewan saw manufacturing sales increase 53 per cent, the highest in the country. Saskatchewan has one of the top-performing economies in Canada, built on a competitive business environment. Our merchandise exports lead the nation as well, increasing by 25 per cent from September 2021 to October 2021. Key sectors including energy, mining, agriculture, forestry and manufacturing will allow the province to continue to be a world leader for years to come.

The economy is moving in the right direction, along with our efforts to tackle environmental concerns. The first Oil and Gas Emissions Report shows significant progress was made in reducing methane gas emissions. We have surpassed the benchmarks set out in 2019 to reduce industry emissions by 40 to 45 per cent from 2015 levels by 2025. Already, emissions have been reduced by nearly 50 per cent. That means the equivalent of more than 1.1 million cars have been taken off of Saskatchewan roads each year because of emission reductions.

Over the past years, our government has worked hard to attract investment, resulting in some of the country's best trade and export growth. Saskatchewan has one of the lowest unemployment rates in Canada, while recent announcements will create thousands of additional jobs.

Our greatest resource is our people, and as we embark on a New Year, now is the time to come together as neighbours and communities. 2022 will undoubtedly present new challenges, and our government will face these with Saskatchewan families in mind. Premier Scott Moe put it best in his Christmas message to the province.

"In times of trouble, you are there for your neighbours. It's the Saskatchewan way."

We set goals for a stronger, safer, healthier, better educated and more independent Saskatchewan. Progress has been made, and we will continue to strive to be better. The 2020s are shaping up to be Saskatchewan's decade and together, we will recover.