Saskatchewan Building Construction Investment and Manufacturing Sales Surge in May 2022 | News and Media - Government of Saskatchewan | Canada News Media
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Saskatchewan Building Construction Investment and Manufacturing Sales Surge in May 2022 | News and Media – Government of Saskatchewan

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Released on July 14, 2022

Investment in building construction numbers for May 2022 show Saskatchewan had the highest increase among the provinces compared to April 2022, with a 6 per cent increase. Saskatchewan’s manufacturing sales in May 2022 increased by 36.1 per cent compared to May 2021, the second highest percentage change among the provinces.

“Saskatchewan’s economy is moving forward with significant strength as we see continued growth across a range of key economic indicators and more people working in our province than ever before,” Trade and Export Development Minster Jeremy Harrison said. “Our Government will continue to focus on growing our economy and ensuring that Saskatchewan is the best place in Canada for businesses and workers to be.”

Compared to May 2021, investment in building construction in Saskatchewan grew by 16 per cent, third in terms of percentage change among the provinces. Nationally, building construction investment fell by 0.2 per cent in May 2022 compared to the previous month, and increased by 8.8 per cent compared to May 2021.

In May 2022, the value of Saskatchewan’s manufacturing sales increased by 2.5 per cent from April 2022, the third highest percentage change among the provinces. The total value of Saskatchewan’s manufacturing sales in May 2022 was approximately $2.2 billion.

In May 2022, another key economic indicator for Saskatchewan, merchandise exports increased by 55 per cent compared to May 2021. This was the second highest increase in the country. Merchandise exports grew to $4.9 billion, a jump of 22.7 per cent compared to April 2022, placing the province second in both year-over-year and month-to-month export growth across all provinces.

Statistics Canada’s Labour Force Survey for June 2022 showed Saskatchewan’s seasonally adjusted unemployment rate fell to 3.9 per cent, the second lowest among the provinces and the lowest for the province since November 2014. For two consecutive months, several all-time employment records were reached, including overall employment (592,900), female employment (276,300), off-reserve Indigenous employment (67,400), and off-reserve Indigenous full-time employment (55,700).

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For more information, contact:

Jill Stroeder
Trade and Export Development
Phone: 306-787-6315
Email: Jill.stroeder@gov.sk.ca

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Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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