Province Leading the Nation in Capital Investment
The Province Ranks First in Canada in Expected Investment Growth in 2024
Statistics Canada released data showing that Saskatchewan ranks second among the provinces for growth in capital investment in 2023, and expected capital investment for 2024. Saskatchewan is also second among the provinces for private capital investment in 2023, and expected to rank first for 2024.
“The massive influx of investment into the province we are seeing is further proof of Saskatchewan’s strong economic position,” Trade and Export Development Minister Jeremy Harrison said. “Our efforts to attract capital investment demonstrate our commitment to building opportunities, creating jobs and providing a high quality of life for Saskatchewan people. These positive numbers also put us closer to reaching our Growth Plan goal of growing private capital investment in Saskatchewan to $16 billion annually. This growth helps us ensure the provincial economy remains strong.”
Total capital investment in Saskatchewan last year increased by 25.9 per cent, totaling $17.1 billion. This figure is expected to increase to $19.6 billion this year, up another 14.4 per cent. These are the second highest growth rates in Canada.
The province also saw $12.4 billion in private sector capital investment last year, up 24.6 per cent, with an expected increase of 14.4 per cent to $14.2 billion this year. Saskatchewan is expected to be first among provinces in terms of growth in this category for 2024.
The announcement builds on further encouraging news for the province on the economic front. In 2023, Saskatchewan posted a fourth consecutive year of record breaking agri-food exports valued at $20.2 billion. Saskatchewan’s real GDP grew by a nation leading 6.0 per cent from 2021 to 2022. The total dollar value of the province’s 2022 GDP is $76.7 billion.
Capital investment refers to the expenditures on fixed assets intended to produce goods and services. Fixed assets include dwellings, structures, machinery, and equipment. This is an important economic indicator as it showcases businesses’ outlook on the current, and future state of the economy, as well as a firm’s ability to earn a return on their investment.
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