The latest economic report from Economic Development Regina shows encouraging signs when it comes to what is happening in the Queen City.
The report shows there was an increase in jobs from January 2017 to 2018 with employment growth of two percent which was ahead of the provincial average of 0.3 percent. However, the report adds while there was employment growth, there were 1700 fewer jobs in the transportation and warehousing sectors, 1500 fewer healthcare jobs with the food and accomodation sector down 700 and agriculture down 200.
That increase in employment growth resulted in the unemployment going down as the jobless rate stood at 5.5 percent in January 2017 and is now at 4.5 percent in January of 2018.
Other highlights include:
- 2017 population was up 2.4% over 2016 to 253,220on the strength of international and intraprovincial migration. This can be expected to continue through 2018 with continued employment growth spurring further in-migration.
- The Conference Board of Canada forecasts Regina’s economy to post a 2.2 per cent real GDP gain in 2018, following a 1.5 percent increase in 2017.
- January to December 2017 year to date building permits are up 3.1% over the same period in 2016. Most sub sectors posted increases: residential (9.9%), industrial (17.7%), commercial (36.7%), with only government/institutional permits showing a decline (-40.5%).