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SK Economic Fundamentals 2008-10

joeiannuzzi

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1008SASK
Gov`t invests $7.2M to help north


SASKATOON -- The provincial government will invest $7.2 million to help meet local infrastructure needs, municipal affairs minister Bill Hutchinson announced yesterday in Prince Albert.

"This is a significant step forward in helping northern Saskatchewan communities," Hutchinson said.

http://www.canada.com/reginaleaderpost/new...83-4c654c4c2c37
 

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Home building costs on the rise due to theft


It has been more difficult -- and more expensive -- for people to get a home built in Saskatoon and Regina because of the rising number of thefts from construction sites.

"We`ve been experiencing significant property losses for the last number of years. I`d say going back to 2003 (and) 2004, construction activity intensified and building costs were consistently going up," said Alan Thomarat, executive vice-president of the Canadian Home Builders Association Saskatchewan.

http://www.canada.com/reginaleaderpost/new...c1-0e4db19e494a
 

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Sask. will feel effects

Saskatchewan will be the lone province to post better economic growth this year than last, but even this booming bit of Canada will feel the effects of the global financial turmoil, TD Economics said Thursday.

In its provincial outlook, TD said Saskatchewan`s economy will grow by 3.4 per cent in 2008, 2.8 per cent in 2009 and 2.7 per cent in 2010. The next-best growth will be Manitoba`s, at 2.2 per cent this year and 2.3 per cent in 2009.

http://www.canada.com/reginaleaderpost/new...16-e6dc330f75e8
 

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Evraz opens pipe expansion project


The head of Evraz Inc. North America officially opened the company`s $90-million large-diameter pipe mill expansion project in Regina Thursday and expressed confidence in the energy sector, despite the recent downturn in oil prices.

"We`re absolutely committed to the energy business,`` Jim Declusin, president and CEO of Evraz Inc. NA, told invited guests and Evraz employees at the official opening.

"That`s why we made the acquisition,`` Declusin said, referring to Evraz`s purchase of the Ipsco Inc. from Stockholm-based SSAB for $4 billion US this spring.

http://www.canada.com/reginaleaderpost/new...e6-179d08feb895
 

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Point2 makes deal with MLS group


Point2 Technologies Inc. has made an agreement with a California Multiple Listing Service (MLS) group to provide automated listing syndication services to nearly 19,000 subscribers.

The Saskatoon company announced the deal with MLSListings Inc. on Thursday. MLSListings, which represents the subscribers, is owned by the Santa Clara, Santa Cruz, Silicon Valley, San Mateo, Monterey, Watsonville, San Benito and Central Valley Calif. Associations of Realtors.

http://www.canada.com/saskatoonstarphoenix...e5-19b793b21d84
 

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Upgrades coming to Stewart Russell Park


After being flooded with calls from Glencairn homeowners, the City of Regina is going to upgrade Stewart Russell Park.

The city is planning to install a dry-bottom storm water detention pond to reduce basement flooding in the area.

Shrubs and turf are being removed to make way for the detention pond. The excavation is slated to begin Wednesday, after a fence has been installed around the area.

http://www.canada.com/reginaleaderpost/new...9f-c4d7dfc20920
 

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Oil price drop drives forecast

SASKATOON -- The freefalling price of oil -- which dipped under $70 US per barrel Thursday -- is likely to lead to a forecast adjustment when the provincial government revisits resource values in November, says the premier.

Recent high prices for commodities, particularly oil and potash, have resulted in a $3.1-billion windfall for the province.

The more-recent market bloodletting will not affect distribution of that windfall when the government reveals its economic plan next week. The plan is expected to mix tax cuts, infrastructure spending and debt relief.

http://www.canada.com/reginaleaderpost/new...bc-bead4676a167
 

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Sask. is a virtual economic safe haven


Saskatchewan may not be completely cosseted from the economic winds that are buffeting the rest of the world, but it`s as close to a safe haven as you`re going to find.

That`s the message from TD Economics, which recently forecast that Saskatchewan will once again lead the provinces in economic growth in 2008 and 2009.

The former have-not province is expected to post a nation-leading 3.4-per-cent growth this year -- the only province to better last year`s growth -- followed by 2.8-per-cent growth next year.

http://www.canada.com/reginaleaderpost/new...6e-ba42c167962f
 

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Blacksands signs with La Loche


Blacksands Petroleum, Inc. has announced that Access Energy Inc., the company`s 75-per-cent owned subsidiary, has signed a joint venture agreement and impact benefit agreement with La Loche Clearwater Development Authority.

The agreement covers approximately three million hectares of La Loche traditional lands in northwestern Saskatchewan, northwest of the town of La Loche.

http://www.canada.com/reginaleaderpost/new...e5-7ef2c029d4e8
 

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Up against the Energizer Bunny of financial crises


The problem with the ongoing stock market meltdown has been the lack of a defining moment of capitulation.

That`s when everybody throws in the towel, causing panic selling; markets crash 15 per cent in one day to form a bottom; people sense that everybody who is going to sell has now sold; then they start buying shares at bargain basement prices and a recovery begins.

http://www.canada.com/saskatoonstarphoenix...8a-19de68e23ec0
 

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Historic tax break on way


Premier Brad Wall is promising to make history today with major income tax cuts as the Saskatchewan Party government unveils its long-awaited financial plan.

As expected, the plan will include debt relief and infrastructure spending but the centerpiece is expected to be income tax changes.

http://www.canada.com/reginaleaderpost/new...2f-55a33649c208
 

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Prairies a refuge for business

Saskatchewan business owners have reason to be cautiously optimistic regarding the economy, said Marilyn Braun-Pollon, Saskatchewan vice-president of the Canadian Federation of Independent Business (CFIB).

Compared to the rest of Canada, resource-rich Saskatchewan, which has been leading the country in economic growth, should be able to weather any downturn or recession south of the border.

http://www.canada.com/reginaleaderpost/new...f8-51fc2062e062
 

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Saskatoon builders confident

The value of non-residential building permits has soared 227 per cent in Saskatoon this year to $333.9 million, already eclipsing the $322 million posted for all of 2007, says a new report from the Saskatoon Regional Economic Development Authority (SREDA).

In the surrounding areas, permit values have jumped 1,620 per cent to the end of September, rising to $123 million from $7 million last year.

Shaun Dyck, economic development analyst for SREDA, said in his third-quarter report there is plenty happening in the Saskatoon region.

http://www.canada.com/saskatoonstarphoenix...56-051c0d19933d
 

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More than $1.2B in Sask. tax cuts


With the province flush with cash and the world economy in turmoil, Premier Brad Wall on Tuesday delivered major tax cuts while still hanging on to a bulging wallet.

The centerpiece of the financial plan is what Wall described as the largest single-year tax cut in provincial history, based on a significant increase to the amount of income exempt from taxation.

http://www.canada.com/reginaleaderpost/new...7e-17b56fb28799
 

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Passenger traffic up at airport

Saskatoon`s airport seems poised to smash its million-passenger record set last year.

Including a record-setting August, when 97,849 passengers flew in and out of Saskatoon, traffic is well up during the past 12 months, says Saskatoon Airport Authority (SAA) president and CEO Bill Restall.

"If you look at the last 12 months, which would be October of last year to September of this year, we`ve done 1,104,000 million passengers," said Restall in an interview.

http://www.canada.com/saskatoonstarphoenix...d3-5f87b6b83af9
 

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Study slams Sask. travel systems


Whether you`re travelling by car, bus, train, or plane, Saskatchewan`s transportation systems don`t compare favourably to others in the country, according to a recent study on transportation systems. The study conducted by the Fraser Institute, gave Saskatchewan`s transportation systems a poor ranking. Out of the 10 provinces Saskatchewan was ranked eighth overall.

http://www.canada.com/reginaleaderpost/new...26-e9a8eba89565
 

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Sask. spending still strong, but increase smallest in 18 months


REGINA -- Saskatchewan consumers continued to spend in August, posting an 8.4 per cent increase in retail sales -- the highest year-over-year increase among the provinces.

But Doug Elliott, publisher of the SaskTrends Monitor newsletter, said retail sales actually slowed down in August.

"That 8.4 per cent increase is the lowest in 18 months," Elliott said. The last time retail sales increased by less than double digits was February 2007, when retail sales increased by 7.3 per cent.

http://www.canada.com/saskatoonstarphoenix...60-19575c9ed450
 

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Saskatoon running in the red

Fuel price hikes, overtime and a costly winter of snow removal have pushed the City of Saskatoon into a projected $3.6-million deficit.

That works out to a variance of 1.4 per cent of the city`s operating budget.

It`s common for the city to project a deficit at this time of year before curbing spending and using its savings to balance the books.

http://www.canada.com/saskatoonstarphoenix...ee-7ca97641c69e
 

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Saskatchewan`s land sales bonanza


Before industry can drill for oil and natural gas, it needs somewhere to do so. The majority of Saskatchewan`s oil and gas rights are held by the Crown. That`s where the bi-monthly sales of Crown oil and natural gas dispositions come into play.

In Western Canada, the Natural Resources Transfer Agreement means resource ownership and management is the purview of the provinces. A clear process is in place to encourage exploration for oil and gas in an orderly manner.

http://www.canada.com/saskatoonstarphoenix...be-33ff0498506d
 
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