Province Leads Nation in Retail Trade
Province Ranks First in Canada in Retail Trade Growth
Today, Statistics Canada released retail trade figures for April 2024, positioning Saskatchewan first in the nation for month-over-month growth. Retail sales in the province surged by 8.5 per cent, totaling $2.2 billion in April 2024 (seasonally-adjusted), compared to March 2024.
“Saskatchewan’s nation-leading retail trade numbers show the provincial economy is strong and continuing to grow,” Trade and Export Development Minister Jeremy Harrison said. “Our retailers are meeting consumer demands and driving significant economic growth. This in turn is creating more jobs and opportunities for the people of our province.”
The province also saw a significant increase in year-over-year numbers with a 5.6 per cent increase compared to April 2023.
The Monthly Retail Trade Survey compiles data on sales, including e-commerce sales, and the amount of retail locations by province, territory and selected census metropolitan areas from a sample of retailers.
Retail sales is a measure of total receipts at stores, or establishments, that sell goods and services to final consumers.
The province is seeing major growth in a number of areas. Recently, Saskatchewan ranked first in the nation in month-over-month growth in building construction investments with a 9.7 per cent increase. The province also had a 21.8 per cent year-over-year increase in this category over April 2023.
Statistics Canada’s latest GDP numbers indicate that Saskatchewan’s 2023 real GDP reached an all-time high of $77.9 billion, increasing by $1.2 billion, or 1.6 per cent. This places Saskatchewan second in the nation for real GDP growth, and above the national average of 1.2 per cent.
Private capital investment is projected to reach $14.2 billion in 2024, an increase of 14.4 per cent over 2023. This is the highest anticipated percentage increase in Canada.
Exports are experiencing significant growth, totaling over $101.9 billion for 2022 and 2023 combined. This is a 52.2 per cent increase from the previous two-year period of 2020-2021, which saw $66.9 billion in total exports.
The province recently released “Securing the Next Decade of Growth: Saskatchewan’s Investment Attraction Strategy,” in conjunction with the launch of the investSK.ca website. These initiatives are positioned to amplify growth in Saskatchewan, serving as pivotal instruments in driving further development.
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