Saskatoon’s economic recovery has increased to nearly 80 percent, with Saskatoon Regional Economic Development Authority (SREDA) economic recovery monitoring figures look promising in all sectors.
The increase has skyrocketed this quarter compared to the previous, when it was sitting at just 67 percent.
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Nine of the 15 economic sectors are fully recovered, which means that their economic statistics are back to where they were before the pandemic.
This includes active businesses, retail shipments, and manufacturing.
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“This is very positive news, it really helps consumer confidence, that leads to consumer spending and that will also help the economy. So I think seeing this uptrend rebound close to 100% is really good news for the economy and for everyone who lives here, “said Alex Fallon, CEO of Saskatoon Regional Economic Development Authority (WEDNESDAY).
However, areas of hospitality, such as travel and tourism, still need financial help.
Hotel occupancy was nearly 100 percent in August, but occupancy may change with seasonal demand.
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Reference-globalnews.ca