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July 2011 Prairie Economic Fundamentals

Ally

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News articles for July 2011.
 

Ally

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Downtown Winnipeg hotel tower plan unveiled




Downtown Winnipeg will begin a major transformation in the fall as work begins on a new $75-million project across from the MTS Centre.




Longboat Development Corporation announced details of the 20-storey, 154-room hotel to be built by Quebec-based Groupe Germain Hospitality.




The 200,000-square-foot structure at Portage Avenue at Donald Street will be part of the Alt Hotels chain, and will include office and retail space, a restaurant, and a 450-vehicle parkade.




Construction is expected to begin in November with some of the facility open in 2013.





"Downtown Winnipeg's historic comeback as an exciting destination for Manitoba families and visitors alike is in full swing," Premier Greg Selinger stated in a news release.



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Saskatchewan hits record population



Saskatchewan`s population has hit a new all-time record of 1,053,960 as of April 1, 2011, according to the latest estimate released today by Statistics Canada.





Advanced Education, Employment and Immigration Minister Rob Norris said the province`s continued population growth is a sign of a strong and vibrant economy.





`Saskatchewan continues to be a province of opportunity both for those who have lived here for years and for newcomers to our province,` Norris said. `Our government will keep working to ensure those opportunities continue and Saskatchewan keeps on growing strong.`





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Housing market in the hot city




Good luck finding a house for sale these days in River Heights.




At the start of this month, the popular south Winnipeg neighbourhood had only two homes listed on the Multiple Listing Service.




"The cupboard is bare in River Heights," Peter Squire, residential market analyst for WinnipegREALTORS, said Thursday.




Although nine homes in the area were available on June 1, and 17 more came on stream during the month, Squire said all but two had been snapped up by the end of last week.




He said it's a sign of how hot the housing market remains in Winnipeg, and how unlikely it is Winnipeggers will see a major market correction here anytime soon.





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Saskatchewan leads in new vehicle sales





Saskatchewan led the country in new motor vehicle sales in May while the rest of the country saw sales decline, says a Statistics Canada report released Monday.




On a seasonally adjusted basis, Saskatchewan was the only province to see an increase to May from April, while nine provinces posted sales decreases. Nationally, new vehicle sales declined by 6.1 per cent.




Year-over-year, Saskatchewan's new motor vehicle sales were up 11.8 per cent over May 2010, the highest percentage increase among the provinces (seasonally unadjusted), compared to a 3.2 per cent decline nationally.




"It's one of the few parts of the Saskatchewan economy that's doing well - consumer spending, generally, and new vehicle sales in particular," said Doug Elliott, publisher of Sask Trends Monitor, a monthly statistical newsletter. The province has seen slow job and population growth in recent months.




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Saskatoon drops in economic ranking






Usually at the top of Canadian economic outlook forecasts, Saskatoon was bumped to 19th place in a new report from CIBC World Markets.




The bank's Canadian Metropolitan Economic Activity Index assesses the relative performance of the country's major cities, and places Saskatchewan's largest community 19th out of 25 Canadian regions. Looking at factors including employment, consumer and business bankruptcy, and housing sales and starts, Saskatoon's numbers were not poor overall - however, other communities fared better.




For example, Saskatoon had the highest population growth among the cities in the first quarter, along with positive housing starts and a very low consumer bankruptcy rate. However, the city had a moderate rate of business bankruptcies, little improvement in nonresidential building permits and a drop in employment over the first quarter of last year, CIBC reported.






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Saskatchewan residents most optimistic about economy: RBC





Saskatchewan is known for its sunny skies. According to a new report, the people of the province now have the sunniest economic outlook in Canada.




In its Canadian Consumer Outlook, RBC said 82 per cent of people surveyed in Saskatchewan and Manitoba rate the national economy as `good,` far above the national average of 66 per cent.




The bank reported Prairie residents are also the most optimistic about the Canadian economy improving over the next year, at 48 per cent ` six per cent above the national average outlook of 42 per cent.




According to Glenn Sinden, RBC World Bank`s regional vice-president in Saskatoon, the province`s

strong employment numbers and positive economic outlook ­` RBC expects Saskatchewan`s GDP to grow by 3.8 per cent this year ` has given residents a rosy outlook for the country as a whole.




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Prairie residents most optimistic about local business growth





REGINA ` About 44 per cent of Canadians surveyed are optimistic that businesses in their own community will experience growth this year, while only eight per cent see local business activity shrinking, according to a national study released by Bank of Montreal Wednesday.




`These survey numbers show that Canadians are cautiously optimistic about the economy and the growth prospects for businesses in their home communities,` said Cathy Pin, vice-president of commercial banking for BMO Bank of Montreal. The survey, conducted by Leger Marketing, shows higher levels of optimism about local business growth in Western Canada, with Manitoba and Saskatchewan respondents the most optimistic at 55 per cent, Alberta next at 53 per cent, and British Columbia at 49 per cent. The least optimistic respondents were in Quebec at 37 per cent.




`The differences in optimism reflected in the survey mirror the different levels of economic growth across the country,` said Robert Kavcic, an economist with BMO Capital Markets.






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