Regina’s economy earns a “B+” grade for 2024: EDR  

,

June 6, 2024
For Immediate Release

(Regina) With strong economic, employment and population growth, a stable housing market, and promising new sectors, the Greater Regina Area’s (GRA) economy is expected to achieve a solid “B+” grade for 2024, reflecting the region’s underlying strength and potential. 

Economic Development Regina’s (EDR) first “State of the GRA Economy” report delivers a detailed examination of six key economic indicators: GDP growth, employment, housing, key sectors, people, and new markets & sectors. The report is the latest from EDR’s Data & Insights team. 

“Regina has always been a place of growth and opportunity for businesses, workers, and families alike,” said EDR President and CEO Chris Lane. “With a strong foundation in place, our region is well-positioned to become the heartbeat of a new, sustainable prairie economy.” 

While the report notes several key areas of strength, it also identifies areas for improvement, including bridging the labour gap, housing availability and variability, and long-term retention of newcomers to the region.  

“Coming off record employment in 2023 (145,000), 2024 will see Regina sit among the nation’s leaders in GDP growth (1.6%) and population growth (1.5%) in 2024,” Lane noted. “We’ve also got some headwinds, including a slowing growth rate compared to previous years, a softening housing market (-1.6% of 2024), and negative interprovincial migration (-1,733 in 2023).” 

“Overall, Regina’s economy is in a good place, but we have some room for improvement if we’re going to score an ‘A’ next year,” Lane added. “The Bank of Canada’s June 5 decision to decrease its prime lending rate by 25 basis points is a step in the right direction.”

EDR’s Data & Insights team was launched in 2023 to better inform and empower data-based decision-making for stakeholders. The unit has produced several critical insights including the State of the Labour Market in the Greater Regina Area, Saskatchewan’s Annual Megaproject: Spring Seeding, and the Monthly Economic Brief and Report Card. Additional insights will be released in 2024 as they are developed.  

View EDR’s full State of the GRA Economy report here.

 

For more information, contact:

Mattea Columpsi
Manager, Communications
mcolumpsi@economicdevelopmentregina.com
306-565-6392

About Economic Development Regina Inc.

ECONOMIC DEVELOPMENT REGINA INC. (EDR) is the lead agency for economic development for the Greater Regina Area (GRA). EDR provides leadership to the community with specific accountability for the following core functions:

  • Support industry growth and diversification through retention, development and attraction of industry.
  • Find innovative ways to promote sustainable growth while effectively addressing the challenges associated with it.
  • Market and promote the Greater Regina Area for business and investment.
  • Ensure the Greater Regina Area offers a vibrant and diversified economy for investors, a climate of growth for business and works toward a high quality of life for residents