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June 2013 Prairie Economic Fundamentals

Ally

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News articles for June 2013.
 

Ally

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Winnipeg near-term job prospects negative




Near-term job prospects in Winnipeg aren`t looking so good, according to the latest monthly Help Wanted Index report from the Conference Board of Canada.




The Ottawa-based think tank said a May survey of 79 job-posting websites in 27 cities in Canada showed Winnipeg was one of seven cities where the near-term prospects were negative.





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Regina housing concerns




After more than a year of study, several "quick-win" rental housing strategies could officially begin as early as July ("Additional staff requested", May 29, Leader-Post).




It is wonderful that the mayor and the city council are taking on Regina's affordable housing crisis and "prioritizing affordable housing projects". Nevertheless, given that the city has chosen to bizarrely define affordable rental housing as "housing with rents at or below average market rent", we have to take these announcements and media reports with a healthy grain of salt.





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Manitoba faces shortage, hires workers from crippled Europe



Manitoba is trying to help fill a skills shortage by recruiting workers from the crippled countries of Europe.





Provincial officials will be interviewing candidates for its `southern Europe recruitment mission` in Greece, Italy, Portugal and Spain this month, looking for temporary and permanent workers.





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City of Regina construction on record pace in 2013




REGINA ` Construction activity remains ahead of last year`s record pace as the City of Regina issued $69.5 million worth of building permits in May compared with about $63.7 million for the same month last year.




Residential construction was up 24 per cent with $31.8 million in permits issued last month versus $25.6 million during the same period last year.





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Saskatchewan workforce grows, unemployment remains unchanged




REGINA ` New federal government statistics released Friday say more people than ever were working in Saskatchewan in May ` 560,900.




That`s 2.7 per cent more than one year ago and well above than the old record of 549,100, set last August.





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Saskatchewan export sales outpace other provinces




Saskatchewan's merchandise exports were up $724 million in the first four months over the same period last year, the highest percentage increase among the provinces, according to Statistics Canada.




Merchandise export sales were up 6.5 per cent in January to April compared with the same period in 2012, eight times the 0.8 per cent increase recorded nationally. Exports totalled $3.2 billion in April, a record for the month.





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REIN

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Regina city council votes on long-term growth


A comprehensive set of new policies passed at Monday night's Regina City Council meeting could mean your children or grandchildren will have a lot of new neighbours.







A lengthy meeting saw Council sign off on a new long-term plan to set Regina's growth target at a population of 500,000 people. The ambitious target is aimed for forty or fifty years down the road.





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Saskatchewan needs $20-$30 billion a year in capital




Saskatchewan will need to attract $20 billion to $30 billion in capital investment annually for the next 20 years to finance its rapid economic and infrastructure growth, according to a Conference Board of Canada re-port. How well the province manages this unprecedented demand for capital will largely determine whether or not Saskatchewan achieves its maximum growth potential, said the study, entitled Green Machine: Financing Growth in the New Saskatchewan.




About $38 billion in capital projects are currently underway, largely financed by multinational, out-of-province companies. Mining projects account for about 40 per cent of that. But the province will require capital investment of $20 billion to $30 billion a year over the next two decades (2013 to 2032), to keep up with demand for oil and gas, mining and public infrastructure spending.





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Regina office vacancy may (finally) increase





Regina's rock-bottom office vacancy rate may be rising for the first time in years due to a rush of new construction.





After completing a record 250,000 square feet of new office space in downtown Regina last year, developers are expected to add another 120,000 square feet of space tin 2013, or more than twice the annual construction pace over the previous decade.





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Hike to PST will hit Manitobans hard




Finance Minister Stan Struthers ruffled some feathers with his announcement in the April budget of an increase in the provincial sales tax (PST) to eight per cent, effective July 1. His proposed tax hike has been hotly debated ever since.




Despite strong push-back from Manitobans, Struthers is poised to proceed with the hike. This spells trouble on two fronts. First, the PST hike will increase the amount of taxes Manitoba families pay. And second, it will further diminish their prospects for jobs and income growth.





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REIN

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Saskatchewan labour market tightens




Saskatchewan's tight labour market keeps getting tighter, with fewer than two unemployed people for every job opening, according to the latest job vacancy report from Statistics Canada.




In March, Saskatchewan had the lowest ratio of unemployment-to-job vacancies among the provinces. The ratio declined from 2.8 unemployed people for every job vacancy in March 2012 to 1.9 based on a three-month average - all the result of fewer unemployed people in the province, the federal agency said.





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REIN

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Regina looking to annex adjacent land




The City of Regina is moving forward with a plan to annex huge parcels of land from the surrounding municipality to meet future economic and population growth, but their neighbour is opposed to the proposal.




`This is part of our Official Community Plan (OCP), which shows where the city will go in the next 20 to 30 years,` said Regina Mayor Michael Fougere.





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Increase in Manitoba rental unit construction takes pressure off




The light at the end of the tunnel is getting a little brighter for Manitoba apartment-seekers, although it's still far from blinding, according to the results of the latest market survey by the Canada Mortgage and Housing Corporation.




In its Spring Rental Market Survey report released on Thursday, the agency said the overall apartment-vacancy rate in Manitoba and four of its six largest cities, including Winnipeg, inched a little higher over the winter.





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Affordable housing still difficult to obtain in Saskatoon despite increase in vacancy rate




According to the Canada Mortgage and Housing Corporation, Saskatoon has seen a slight increase in vacancy rates. It`s currently sitting at 3.3 per cent ` a slight increase from this time last year.




However, the lowered vacancy rate isn`t corresponding with a dip in rental rates. In fact, they`ve gone up by five per cent. The average price of a two-bedroom apartment is $1,020. This trend has made it easier for landlords to be more selective with their rental units, making it difficult for people on tight budgets to find decent housing.





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Saskatchewan cities see increase in vacancy rates




A spring snapshot market survey by the Canada Mortgage and Housing Corporation shows slight increases in the apartment vacancy rates for Saskatchewan`s two biggest cities.




In Saskatoon, the vacancy rate increased from 3.1 per cent last year, to 3.3 in April 2013. Regina`s rental market also eased a little, with a vacancy rate of 1.9 per cent in April 2013, up from 0.9 last year.





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Estevan's vacancy rate hits zero





There aren't any rental properties available in Estevan, according to the Canada Mortgage and Housing Corporation's April 2013 rental property report, which was released June 20.




"The increase in heavy oil production contributed to job growth and fuelled demand for rental housing in the region," the report said.





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