Saskatchewan’s new normal – it’s not a boom
This is a new economic normal for Saskatchewan – not a boom. This page will compile a few thoughts on why – by text, graph, and audio. And remember, there may be some bad news along the way – so the week’s or even month’s news may be bad in general – but the long term trend will be of prosperity.
Note, before the PotashCorp 440-person Saskatchewan staff in December 2013, we were experiencing a serious skilled-labour shortage in the province and our economic growth was limited by population not job availability. So PotashCorp’s 440 person should quickly be absorbed into the market.
Our economy is based on creating things for export that then bring money into the province, it is not about recycling dollars. And, the things we create (such as food and energy) are needed not just wanted (such as cars) by the world. Plus, our mines and farmland cannot be moved to another jurisdiction. So as the world’s population grows, so will the demand for the things we create. Finally, this wealth is being shared across the province and is reflected by the lowest unemployment rate in Canada plus increasing wages and home values.
Compare (see chart below) our GDP proportions between things we create vs. services, with those of the USA’s trend.
Here are some commentaries on our economy: