Economic indicators

Regina has always aspired to grow and the outlook has never been better.

Conference Board of Canada Forecast for Regina (April 2018)*

  • Regina’s real GDP will grow 2.2% in 2018 and 2.1% in 2019
  • We expect Regina’s employment to increase 0.4% this year and 1.5% next
  • Housing starts will reach roughly 1,600 units in 2018 and 1,700 units in 2019

Regina’s real GDP growth will remain above 2 per cent both 2018 and 2019

A similar moderate pace will prevail over the next few years, lifting Regina’s GDP to a level that will be double the 1997 volume by 2022. This implies an average annual increase of 2.7% over this period, strong by national standard.

Steady Population Growth

Despite Regina’s weaker economy over the past two years, net migration remained positive – a good sign for this city. The forecast is for net new arrivals to average just below 3,400 people per year in 2018-22, with roughly 3,100 newcomers expected this year. Regina’s net population will rise roughly 2% each year between 2018 and 2022, more than twice the 30-year average and well above the national average.

Manufacturing Expansion Persists

Regina’s surging manufacturing sector grew 8.0% in 2017, following 7.0% output expansion in 2016. The industry has done well since the recession, posting average annual expansion of 5.5% between 2010 and 2017 – despite a 2.3% drop in 2015. Both last year’s gain and its longer-term performance have been exceptional by national standards. Further local manufacturing output growth awaits – 1.7% in 2018, then 2.6% in 2019.

The past two years of outstanding output hikes finally spurred job creation. Manufacturing employment catapulted 28% in 2017; the largest increase on record, putting Regina’s manufacturing employment at an all-time high of nearly 8,200 workers.

Economic Indicators

 2015201620172018f2019f2020f2021f2022f
Real GDP at basic prices (2007 $ millions)13.838
-1.0
13,785
-0.4
14,102
2.3
14,408
2.2
14,705
2.1
14,964
1.8
15,254
1.9
15,585
2.2
Total empployment (000s)138
1.0
139
0.9
140
0.8
141
0.4
143
1.5
144
1.0
146
1.3
148
1.2
Unemployment rate (%)4.45.35.25.85.45.55.55.5
Household income per capita ($)52,277
3.6
51,343
-1.8
51,761
0.8
52,845
2.1
53,971
2.1
55,021
1.9
56,169
2.1
57,386
2.2
Population (000s)241
1.8
247
2.6
253
2.5
258
2.0
263
2.0
269
2.1
275
2.1
280
1.9
Total housing starts1,5971,5632,0081,5721,6851,7011,8141,965
Retail sales ($ millions)5,532
-1.9
5,623
1.6
5,871
4.4
5,951
1.4
6,116
2.8
6,277
2.6
6,438
2.6
6,575
2.1
CPI (2002=1.000)1.315
1.4
1.329
1.0
1.346
1.3
1.371
1.8
1.398
2.0
1.427
2.1
1.456
2.0
1.486
2.1

For each indicator, the first line is the level and the second line is the percentage change from the previous period; italics indicate percentage change.
Source: Conference Board of Canada; Statistics Canada, CMHC Housing Time Series Database.

Real estate

Apartment market (November 2017)
Two-bedroom vacancy rate6.18%
Average two-bedroom rent$1,116
Regina housing market (2017 YTD)
Unit Sales2,878
Growth-5.0%
Average Price$320,225
Growth0.0%


Sources: CMHC Housing Time Series Database, Canadian Real Estate Association.

Building permits

In 2016, residential building permits were issued to create homes for 1,790 Regina families – an increase of 415 homes over 2015. According to Regina’s monthly Building Permit Report, the total value of residential construction projects for 2016 surpassed $300 million.

In 2016, 621 commercial permits were also issued, slightly down from 680 in 2015. The total value of commercial building and demolition permits issued in 2016 was $304 million. To learn more click here.

Regina office inventory

Vacancy Summary: As at June 30, 2017

 Class A (sq.ft.)Class B (sq. ft.)Class C (sq. ft.)Overall (sq. ft.)
Inventory1,573,9241,475,0591,363,2444,432,207
Vacancy180,698108,388274,077563,163
Occupied Space1,431,2261,366,6711,089,1673,869,664
Vacancy Rate11.34%7.35%20.10%12.71%
Regina office rental rates
Class A New$34.00-$36.00
Class A$20.00-$24.00
Class B New$26.00-$30.00
Class B$14.00-$18.00
Class C$10.00-$14.00

Source: Harvard Real Estate Inc. Market Overview, September 2017.

Industrial vacancy

Market Indicator (relative to prior period)Market Q1 2017Market Q3 2017Trend
Industrial Inventory18,600,73418,650,616Icon Red Bar Chart - Decrease
Net Absorption-226,76920,365Icon Red Bar Chart - Decrease
Vacancy Rate3.26%3.41%
Average Asking Rent**$11.21$11.04
Average Additional Rent$3.75$3.75

**Average Asking Net Rent is calculated using a weighted average

Source: Colliers International Regina Industrial Market Report, Q1 2017

Let’s work together

If you’re ready to talk about Regina's economic strategy, contact Shaadie Musleh.