Economic Development Regina’s Post

"Accelerating economic growth" - the numbers are in for September's Economic Brief. August year-to-date employment growth remains positive at 2.0% over 2022, almost twicethe provincial rate. Unemployment remains low at 4.8% with employment growth being driven by well-compensated full-time positions in professional, scientific and technical services, and manufacturing. Higher interest rates are being felt in new housing construction and home prices. However, non-residential permitting activity is well ahead of 2022 levels. Click the link for a deeper dive in:

The numbers are in for July's economic brief. Steady flowing economy - The GRA experienced an uptick in the year-over-year rate of employment growth from 0.6% in May to 2.1% in June. As a result, June year to date employment growth remains positive at 1,167 positions over 2022 and unemployment remains low at 4.8%. Click to read more and take a deeper look into our other key numbers for July 👉

April’s Economic Brief is now out and with a deep dive into Canada’s productivity concerns. Canada’s higher-than-targeted inflation rate is due in part to stagnant productivity. Improved productivity is crucial for a stable economy, boosting growth, jobs, and wages etc. However, Canada’s productivity has fallen to second-last among G7 countries (ahead of Italy). That being said when comparing national and local trends, both Saskatchewan and Regina generally demonstrate higher productivity than Canada, suggesting greater efficiency. Showing strong growth in the first quarter of 2024, to learn more around Regina's economy and other key highlights, click the link below: https://lnkd.in/gYnq4ahB

"Positive Economic Fundamentals" – The numbers are now in for January's Economic Brief. In Q4 2023, the macroeconomic indicators in the Greater Regina Area (GRA) thrived. December year-over-year employment growth was 8.1% (more than twice the provincial rate of 3.8%), equivalent to 11,300 positions over 2022. Unemployment remained low at 4.9%, with the GRA contributing more than half the province’s job growth in December. Higher borrowing costs are affecting resale home prices, but with inflation moderating, interest rate cuts are expected sometime this year. For a deeper dive, click the link to read more: https://lnkd.in/gdEqfJc7

Our March Economic Brief is out and with a deeper dive into international migration trends among major Canadian cities. The GRA has seen a noticeable surge in international migration, outperforming comparable cities in 2022-23. However, there's still an ongoing labour gap between skills and the needs of employers – the importance of bridging this gap cannot be overstated. Released by the province earlier this month, the new Saskatchewan Labour Market Strategy addresses many of these challenges along with a roadmap to build the workforce our growing economy needs. Click here for more: https://lnkd.in/dmy3-q2N Expanding on our labour market along with housing and interest rates – for a full look into the brief, click the link below: https://lnkd.in/djxanxzk

As we commemorate National Indigenous Peoples Day on June 21, we recognize the instrumental role Indigenous Peoples play in fostering economic prosperity for Calgary and the Treaty 7 Region. Learn more about the Indigenous economy ➤ https://lnkd.in/gyqubBSF. 🔹In 2021 alone, the Indigenous economy generated a total GDP of $1.5 billion, or approximately 1.2 per cent of Calgary’s total GDP. 🔹First Nations governments contributed $540 million, Indigenous-owned businesses contributed $450 million and Indigenous households contributed $530 million. Action towards Economic Reconciliation is imperative for the long-term prosperity of Calgary. Read more ➤ https://lnkd.in/gAVwnX3b. #BlueSkyCity #NIHM2024 #NationalIndigenousPeoplesDay

Labour productivity depends not only on workers' skill levels but also on their locations. For example, moving a worker from a low-productivity country to a high-productivity country automatically boosts the worker's productivity to that of the new location. International labour migration illustrates this phenomenon. However, international migration involves more than just economic considerations; nationalism and political factors significantly influence the acceptance of migrant workers. In this context, economist Lant Pritchett advocates for rotational labour migration, arguing that it can enhance productivity and wages while potentially gaining political acceptance as well. Listen more on this here

In Episode 15 of our Big ideas series, Dr. Lant Pritchett discusses the potential income gains for skilled migrants moving from low-income to high-income countries. High-income nations often block labour mobility due to concerns over migrants becoming permanent residents/ citizens. However, demographic changes in these nations necessitate such labour. In this video, he argues that the political concerns over citizenship can be mitigated with rotational labour. With such an approach, people would migrate for a specific time, build skills and then go back to their nation. https://lnkd.in/dYkQuzU7

How the failure of #canada's political class to get ahead of the housing crisis wrecked our greatest economic advantage. #economy #economics My latest:

Republican lies and mythology work on the naive, gullible, uninformed. By far, the biggest factor of the middle class were the Republican neoliberal economics policies started in the 1970's, and especially by Ronald Reagan's "trickle down" economics. https://lnkd.in/g-eAcPE4