Study shows Regina Economy boosted by small businesses

Results from a study by Economic Development Regina found that small businesses are a big part of the economy in the Queen City and surrounding area.

The study revealed that $10.4 billion goes towards Regina’s GDP and that small businesses account for 69.4 per cent of the regional GDP.

The over 6,000 small businesses in Regina employ one or more people, accounting for 89,197 people. They also count for 63.5 per cent of total employment in the province.

Jasmine Patterson, a spokesperson for Economic Development Regina, said the numbers don’t surprise her.

“Small businesses drive our economy, it’s just what we’ve seen,” she said. “We have a ton of people in our community who want to be entrepreneurs, they want to own their own business.”

She added how the numbers are continuing to trend upwards, and it doesn’t look like they are stopping according to these results.

Patterson mentioned how part of the growth has been credited to the Audacity YQR movement across the city, which celebrates and supports entrepreneurs.

“Local loves local here in Regina and throughout Saskatchewan,” she said. “You see the Riders with all their fans, it just keeps coming through. People love to support each other here.”

According to the Business Development Bank of Canada, small businesses create around 100,000 jobs each year on average.

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