By Justin Blackwell

Saskatchewan continues to boom

Jul 6, 2011 | 1:50 PM

A Scotia Economics report says Saskatchewan will once again be at the top-end of regional economic growth, with output advancing at an average rate of 3.5 per cent over the 2011-2012 forecast period.

Alberta is at the top with 3.7 percent.

Scotiabank economist, and author of the report, Alex Koustas says the success of the province really shouldn’t come as a surprise.

“We’ve seen investment in the resource sector really pushing economic growth and employment in the province,” said Koustas. “Also, we’ve seen the service sector expand as more people move to the province given the health of the labour market.”

Further expansion and development of the province’s potash and crude oil industries have harvested job gains and an influx of residents.

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Koustas says when it comes to potash, the sector is flying high.

“It really is a sector that has attracted a lot of interest from investment,” said Koustas. “We’ve seen production volumes increase significantly and in terms of a long term industry it certainly has quite a bit of legs.”

Koustas says Saskatchewan has the fundamentals to be a solid performer beyond the forecast period, but the main challenge going forward will be the rising costs and rising prices as the province continues to grow.

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