As summer events draw crowds of people together again, Saskatchewan’s economy is feeling the benefit.
This year’s Queen City Exhibition (QCX) broke all previous attendance records with 278,306 people walking through the gates.
The Regina Exhibition Association Limited (REAL) said the fair carried a $12.8 million economic impact.
“Any time you bring new dollars to our community such as the ride operators, the food operators and folks from rural Saskatchewan or western Canada that come to join, that drives hotel nights, restaurant nights and bar nights which has a significant impact on our visitor economy,” Tim Reid, the CEO and president of REAL, said.
Reid said organizers focused on a few things to make this year’s fair a bigger success, including investing in higher quality entertainment. The Jason Derulo concert drew the largest crowd ever for a Queen City Ex show.
“We saw airport numbers go up because people were flying in to watch Jason Derulo. We saw travel numbers go up because people were coming here for the rodeo,” Reid said.
“When we do events that draw a market beyond Regina, that means that it helps our economy.”
During the same weekend as the Queen City Ex, the Regina Folk Festival was taking place in Victoria Park.
Final attendance numbers aren’t calculated yet but Amber Goodwyn, the festival’s artistic director, said the turn out was “amazing.”
“People came out. People really missed this festival for three years,” Goodwyn said. “The festival this year was on par with previous festivals.”
Goodwyn said the festival provides a boost to a number of sectors of the local economy.
“We’ve got hundreds of volunteers, stage technicians, crews, suppliers, restaurants, all the companies that build the infrastructure,” she explained.
“It’s really important, especially for the entertainment industry aspect who were on pause for essentially three years. People are just so happy to get back to work.”
PROVINCIAL TOURISM RAMPING UP
According to Tourism Saskatchewan, the province is rebounding from the COVID-19 pandemic.
“We’re continuing to come back from 2020 especially, but last year we saw a small recovery and this year we’re seeing even stronger growth,” Jonathan Potts, the CEO of Tourism Saskatchewan, said.
“Some parts of the industry are seeing really strong numbers, even stronger than pre-pandemic. Others are still trying to catch up to where they were before.”
Hotel occupancy is one area where things are climbing.
“In 2019, our hotel occupancy in the summer was in the 60-65 per cent range. We’re actually, in many parts of the province, doing better than that right now,” Potts said.
Camping numbers are down slightly from last year, but remain strong, according to Potts.
Meanwhile, summer events have been hit or miss for drawing people in.
“It’s been quite uneven,” Potts said. He added that while Queen City Ex saw a record breaking year, not all events have had the same turn out.
“Some other events, they’ve seen a little softer numbers than they would historically but it’s the first full year back for them so they’re rebuilding and it’s great to see them back and generating revenue again.”
Tourism Saskatchewan said American hunters and anglers are starting to return again, providing a boost in cash flow.
“It’s such an important part of the economy, particularly in places like northern Saskatchewan, so it’s just beneficial for a lot of people to see those American visitors come back because they do spend a lot of money,” Potts said.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
VICTORIA – British Columbia is forecasting a record budget deficit and a rising debt of almost $129 billion less than two weeks before the start of a provincial election campaign where economic stability and future progress are expected to be major issues.
Finance Minister Katrine Conroy, who has announced her retirement and will not seek re-election in the Oct. 19 vote, said Tuesday her final budget update as minister predicts a deficit of $8.9 billion, up $1.1 billion from a forecast she made earlier this year.
Conroy said she acknowledges “challenges” facing B.C., including three consecutive deficit budgets, but expected improved economic growth where the province will start to “turn a corner.”
The $8.9 billion deficit forecast for 2024-2025 is followed by annual deficit projections of $6.7 billion and $6.1 billion in 2026-2027, Conroy said at a news conference outlining the government’s first quarterly financial update.
Conroy said lower corporate income tax and natural resource revenues and the increased cost of fighting wildfires have had some of the largest impacts on the budget.
“I want to acknowledge the economic uncertainties,” she said. “While global inflation is showing signs of easing and we’ve seen cuts to the Bank of Canada interest rates, we know that the challenges are not over.”
Conroy said wildfire response costs are expected to total $886 million this year, more than $650 million higher than originally forecast.
Corporate income tax revenue is forecast to be $638 million lower as a result of federal government updates and natural resource revenues are down $299 million due to lower prices for natural gas, lumber and electricity, she said.
Debt-servicing costs are also forecast to be $344 million higher due to the larger debt balance, the current interest rate and accelerated borrowing to ensure services and capital projects are maintained through the province’s election period, said Conroy.
B.C.’s economic growth is expected to strengthen over the next three years, but the timing of a return to a balanced budget will fall to another minister, said Conroy, who was addressing what likely would be her last news conference as Minister of Finance.
The election is expected to be called on Sept. 21, with the vote set for Oct. 19.
“While we are a strong province, people are facing challenges,” she said. “We have never shied away from taking those challenges head on, because we want to keep British Columbians secure and help them build good lives now and for the long term. With the investments we’re making and the actions we’re taking to support people and build a stronger economy, we’ve started to turn a corner.”
Premier David Eby said before the fiscal forecast was released Tuesday that the New Democrat government remains committed to providing services and supports for people in British Columbia and cuts are not on his agenda.
Eby said people have been hurt by high interest costs and the province is facing budget pressures connected to low resource prices, high wildfire costs and struggling global economies.
The premier said that now is not the time to reduce supports and services for people.
Last month’s year-end report for the 2023-2024 budget saw the province post a budget deficit of $5.035 billion, down from the previous forecast of $5.9 billion.
Eby said he expects government financial priorities to become a major issue during the upcoming election, with the NDP pledging to continue to fund services and the B.C. Conservatives looking to make cuts.
This report by The Canadian Press was first published Sept. 10, 2024.
Note to readers: This is a corrected story. A previous version said the debt would be going up to more than $129 billion. In fact, it will be almost $129 billion.
NANAIMO, B.C. – Former Bank of Canada governor Mark Carney says he’ll be advising the Liberal party to flip some the challenges posed by an increasingly divided and dangerous world into an economic opportunity for Canada.
But he won’t say what his specific advice will be on economic issues that are politically divisive in Canada, like the carbon tax.
He presented his vision for the Liberals’ economic policy at the party’s caucus retreat in Nanaimo, B.C. today, after he agreed to help the party prepare for the next election as chair of a Liberal task force on economic growth.
Carney has been touted as a possible leadership contender to replace Justin Trudeau, who has said he has tried to coax Carney into politics for years.
Carney says if the prime minister asks him to do something he will do it to the best of his ability, but won’t elaborate on whether the new adviser role could lead to him adding his name to a ballot in the next election.
Finance Minister Chrystia Freeland says she has been taking advice from Carney for years, and that his new position won’t infringe on her role.
This report by The Canadian Press was first published Sept. 10, 2024.
