Saskatchewan posts lowest unemployment rate in Canada

Saskatchewan continues to lead the nation with the lowest unemployment rate in Canada, as reported in the latest labour force numbers from Statistics Canada. The province’s seasonally adjusted unemployment rate for November stood at 5.6%, well below the national average of 6.8%.

In addition to maintaining a strong labour market, Saskatchewan added 8,400 new jobs year-over-year, highlighting its economic resilience and growth.

Deputy Premier and Immigration and Career Training Minister Jim Reiter highlighted the province’s economic momentum, stating, “Saskatchewan’s economy remains strong, with 8,400 jobs added and the lowest unemployment rate in Canada. Opportunities provided by our growing economy and measures passed ensure that the province remains the most affordable place to live, work, and raise a family in Canada.”

Full-time employment increased by 5,900 positions (1.2%) compared to November 2023. Female employment grew by 4,600 (1.7%), while male employment rose by 3,700 (1.2%).

Saskatoon saw notable job gains, with employment increasing by 10,500 jobs (5.2%) year-over-year. Among 35 Canadian census metropolitan areas, Saskatoon ranked sixth in employment growth, reflecting the city’s expanding economic opportunities.

Several industries experienced significant gains:

• Health care and social assistance: Up 11,700 jobs (13.5%).
• Accommodation and food services: Up 4,100 jobs (13.6%).
• Forestry, fishing, mining, oil, and gas: Up 2,800 jobs (14.1%).

Saskatchewan’s economic strength extends beyond employment numbers. Recent data reveals:

• Exports: International merchandise exports grew by 21.7% in October 2024 compared to September, the highest increase among provinces.
• Housing starts: Urban housing starts rose by 25.4% in October 2024, the fourth highest growth rate among provinces.
• Building permits: The value of building permits increased by 27.1% year-over-year in September 2024, also the fourth highest among provinces.
• Real GDP: Saskatchewan’s GDP reached $77.9 billion in 2023, a 2.3% increase from 2022.

The province’s strong economic performance is supported by strategic initiatives, including:

• Building the Workforce for a Growing Economy: The Saskatchewan Labour Market Strategy, a plan to develop the skilled workforce needed for continued economic growth.
• Securing the Next Decade of Growth: Saskatchewan’s Investment Attraction Strategy, which focuses on driving private investment and achieving the province’s goal of $16 billion in annual private capital investment.

Saskatchewan’s latest achievements underscore its commitment to fostering economic growth, creating job opportunities, and ensuring a prosperous future for its residents.