A strong economy in Saskatoon is essential to maintaining the health of the Saskatoon real estate market. We in Saskatoon are blessed with an economy that is strong now, and will be in the future.
Saskatoon Economic History
In the 1800’s Saskatoon’s economy was relatively simple and largely agricultural and transportation based. Fertile prairie land, access to a consistent water source and eventual access to transportation produced a successful 1800’s/early 1900’s-style agricultural-based economy. That basic economy “sprouted” up and helped produce the Saskatoon economy seen today, and will continue to have an impact on shaping Saskatoon’s economic future.
Increasingly important, however, are the contributions made in the Oil and Gas Industry, the High Tech, Education and associated essential technical and business support service sectors. Collectively, these markets are combining to stimulate the future economic growth that will help ensure Saskatoon’s continued growth and prosperity.
The Saskatoon area is considered the leading city of the Canadian Plains Province of Saskatchewan and an important part of the Breadbasket of Canada. A variety of crops are grown in the Saskatoon area in addition to the type of grain crops that are traditionally thought of when one thinks of Saskatoon and Saskatchewan.
The chief elements mined in the Saskatoon area are:
- Uranium - A naturally occurring heavy metal that helps to fuel many electrical power generating installations, surface, undersea and extraterrestrial ships and a range of other applications.
- Potash - An important component in fertilizers and other agricultural and industrial applications.
Agrotech is just the beginning in the Saskatoon area. Probably the highest profile component of the high tech landscape is Canadian Light Source Inc. (CLS). Canada’s national synchrotron research facility is affiliated with and located on the campus of the University of Saskatchewan in Saskatoon. It is a sophisticated, soccer field sized particle accelerator used in various studies of interest to scientists in academia, government and industry.
The effective education system in Saskatoon has played an important role in keeping the economy strong. Public and Parochial (primarily Catholic) schools in the Saskatoon area have a strong track record, proved by the high students’ placement scores on standardized tests and life accomplishments. The University of Saskatchewan also plays an important role in providing quality education and positive economic impact.
Major Saskatoon Businesses
- The Vaccine and Infectious Disease Organization (VIDO) alone holds 90 patents and has 7 vaccines in commercial use.
- Crop Development Center Agriculture Canada Research Station. The bio industry in Saskatoon is represented by Ag West Bio.
- R&D support companies dealing primarily with analytic services are prevalent. These are often analytic laboratories that can provide everything from the most basic testing to extremely sophisticated levels of analysis.
- As a result of this R&D activity, a series of private sector companies have evolved based on these capabilities. Companies such as Bioriginal and Phenomenome originated with local entrepreneurs. Other companies like BioExx and Linnaeus came to Saskatoon as start-ups. Ag biotechnology capabilities in the area have spawned or attracted several multinational companies like Dow AgroSciences and Novozymes who have located major operations in Saskatoon.
- Saskatoon has a flourishing food processing industry focusing on meat processing, grain milling and oilseed crushing. This industry employs over 3000 people and is supported by R&D groups like the Food Products Development Center and the POS Bio-Sciences processing center.
If you have questions about Saskatoon's economy, we'd be glad to answer them. And, if you're ready to talk to an experienced and knowledgeable real estate professional about your next real estate transaction, call me at 306-241-3131, or use the form below to send an email.