Economy of Saskatoon
[1] Various grains, livestock, oil and gas, potash, uranium, wood and their spin off industries fuel the economy.
Rising commodity prices also contributed to increases in the GDP for the agriculture, mining, oil and gas, and utilities sector,[4] Over 1000 new commercial or home-based businesses set up shop in Saskatoon in 2008,[5] along with numerous expansions of existing companies.
[6] There were also a substantial increase in housing starts over the past two years (2,319 in 2008, 2,380 in 2007) which is well above the average of 1,500[6] though this construction and empty speculation properties has resulted in an excess supply and accompanying drop in sales.
Many renters have been forced out of their place of residence due to recent condo conversions and rental vacancy rates have dropped to 0.6% as of October 2007.
(Construction of the suburban centre, which includes two major high schools and necessitated the realignment of Highway 7, began in 2006.
As well, the campus is home to the Canadian Light Source, which is the largest scientific project completed in Canada in over 50 years.
The 179 million dollar project resulted in a national synchrotron radiation facility that is used for a wide range of world-class scientific research.
[3] Uranium plays an important role in Saskatoon's economy, with the city also hosting Areva NC Canadian headquarters.
[citation needed] However, in late 2006, Maple Leaf Foods, owners of Mitchell's, announced it would be closing down its major plant in Saskatoon resulting in the loss of approximately 450 local jobs, along with an additional 350 jobs that were expected to be created by the construction of a new Mitchell's "kill plant" in the city's north end.
[22][23] Maple Leaf still operates a large sausage factory and is constructing a major distribution centre in the Marquis Industrial Area.
SED Systems, Vecima Networks, Solido Design Automation, Saskatchewan Research Council, AMEC North America, Bayer Crop Science, Becker Underwood, and General Electric Healthcare all have a significant presence in Saskatoon, most located at Innovation Place.
Most major Canadian banks and financial services companies have offices in Saskatoon serving the local community.
In terms of commercial development, Saskatoon was slow in embracing the big-box store format that replaced the traditional shopping mall in the mid-to-late 1990s, with the city's first true "power centre" not opening until the early 2000s.
The opening of the city's first power centre, Preston Crossing, in 2002–2003 saw several major retailers such as Wal-Mart Canada and Canadian Tire leave their original shopping mall locations in favour of the new sites.
Located in the downtown core, Midtown Plaza is the largest shopping centre in the city with Sears Canada and The Bay as anchors.
[25] Saskatoon has continued to see record retail sales growth exceed all other major cities in Canada, reaching 11% in 2008.
It includes three buildings, with more than 100,000 square feet (9,300 m2) of floor space, that house over 40 businesses employing over 300 people,[27] and further expansion due in 2007–2008.
Owned by the One Arrow First Nation, it houses the Fire Creek gas station and confectionery at 20th Street and Avenue P. This land was declared an urban reserve in November 2005 and developed in 2006, replacing a small strip mall.
