Saskatoon shines as Canadian leader in economic growth. (Saskatoon Update).

Saskatoon ranks second in leading Canadian cities in economic growth in 2003, according to the Conference Board of Canada's Metro Outlook-Winter 2003. The growth forecast for Saskatoon is predicted to be four per cent in real gross domestic product (GDP) in 2003, following just behind Calgary.

Saskatoon's labor market is expected to enjoy a good year in 2003, with roughly 3,000 net new workers or a forecasted increase of 2.5 per cent. The report states that the main sectors behind the job gains should be commercial services, wholesale and retail trade, and manufacturing. The manufacturing sector is expected to experience an increase of 400 jobs. The expected increase in the agriculture sector is forecast to grow by 30 per cent, rebounding from recent years of drought and low commodity prices. The unemployment rate fell by 0.2 percentage points last year, averaging six per cent for the year as a whole. Personal income per capita is also relatively high in this city, $2,500 above the provincial average. The Conference Board report gave Saskatoon an Economic Structure rating of 0.93. This is a measurement of economic diversity, indicating that Saskatoon is one of the most diverse cities in Canada.

The 2002 building permit total for Saskatoon exceeded $250 million due to an increase in residential, commercial, and institutional construction. Housing starts are up an incredible 65 per cent over 2001. Statistics Canada indicates an increase in employment of 3,800 in Saskatoon in 2002, a 3.3 percentage change over 2001.