Attractive tax incentives, a stable economy and a dedicated highly educated workforce make Saskatoon one of the most diversified economies in Western Canada
Saskatoon, with its diverse economy including mining, energy, manufacturing, transportation, life sciences, information communications, construction, and agriculture, has enjoyed a positive GDP growth of 3.5% over the last 10 years, which is above the Canadian average.
Rated as a global “SMART” City by the Intelligent Community Foundation, Saskatoon has a lively ambiance that people expect of a college town. The University of Saskatchewan has one of the fastest growing research parks in North America that includes one of the world’s most advanced synchrotron particle accelerators.
Situated on the banks of the scenic South Saskatchewan River, Canada’s most business-friendly city is linked to the world by a first-class international airport and excellent road and rail systems. Saskatoon is located 348 km north of U.S. border, and almost exactly halfway between the Manitoba and Alberta borders.
Vecima Networks Inc., SED Systems, Cameco Corporation, Potash Corporation of Saskatchewan Inc., are among those calling this newly titled “Silicon Valley” home. Entrepreneurs can access resources and incentives such as business incubators.
Saskatoon is Canada’s fastest growing city and also its youngest city with a median age of 35.4 years: the lowest in Canada. The fast-growing youthful population helps to drive attendance for the many festivals, events and attractions. This culturally rich region with a deep history dating back over 6,000 years serves a diverse population. As a four-season destination, residents are active throughout the year enjoying activities both in and out of doors. “Saskatonians” are huge proponents of their sports culture and they enjoy the benefits of living in Canada’s sunniest city.
Having the second largest oil producer in the country, and being the third largest natural gas-producing province make the oil and gas industry one of the largest contributors to the provincial economy and gives Saskatoon a solid economic foundation. The Saskatoon Region is the commercial centre of Saskatchewan, with excellent transportation links to national and international markets.
The region also has the highest mining productivity in Canada. That includes being the world’s largest producer/exporter of potash, supplying 26 % of the world’s production. Plus the region has the world’s largest high-grade uranium mine. All of the region’s uranium mines account for 20% of global production. The area also has the largest diamondiferous kimberlite field.
Saskatoon is home to 30% of Canada’s Ag-Biotech industry and is fast becoming Canada’s centre for plant and animal genome science, offering world-leading agricultural biotechnology. The city has one of the fastest growing research parks in North America that includes the Vaccine and Infectious Disease Organization, the NRC Plant Biotechnology Institute and the POS Pilot Plant Corporation.
Saskatoon offers businesses all the benefits of being part of an economic powerhouse. Saskatoon has the highest average GDP economic growth in Canada coupled with one of Canada’s lowest rates of unemployment. Most notable, Saskatoon has one of Canada’s lowest corporate income tax rates for manufacturers and processors – as low as 10% for qualifying companies and royalty rates are among the lowest in Canada.
The Saskatoon region is recognized as a world leader in agricultural biotechnology plus has the highest mining productivity in Canada including the largest producers and exporters of both potash and uranium. In addition the region sits on one of the largest diamondiferous kimberlite fields in the world. The region is the second largest oil producer in Canada, the third largest natural gas producing province and has a rapidly expanding manufacturing sector. As well, there is 190,000 km of highway networks, intermodal rail terminals connect from Saskatoon to the US as well as Eastern and Western Canada. International flights connect to Saskatoon International Airport every day.
Saskatoon is a city that is not slowing down economically. It is experiencing growth at an unprecedented rate. Here are some of the new projects in progress:
- Construction of a new $300 million dollar six-lane bridge
- Expansion of the Saskatoon international airport
- Continued growth in the industrial areas
- Major highway expansion to Prince Albert, Saskatchewan
- More new schools, including two high schools recently completed
- University of Saskatchewan expansion with new building projects including:
- The creation of the International Vaccine Centre and an addition to the Health Sciences Building
- Additions to the undergraduate student residence, the campus sports stadium, Marquis Hall, and Place Riel
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