Major City Insights: Regina—May 2022

The Conference Board of Canada, May 19, 2022
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Despite the rise in case counts from both the Omicron and BA.2 variants early in 2022, most Canadian cities have already seen restrictions loosened or dropped. We expect this to aid in the continued recovery of CMA economies across the country this year. It’s especially good news for the travel and tourism markets in each region, which so far have lagged most other industries in returning to their pre-pandemic levels. Still, higher prices and instability in other parts of the world serve as a downside risk to this year’s outlook.

This edition of our Major City Insights provides new forecasts for growth in 13 major cities across Canada as of March 23, 2022.

This forecast focuses on the Regina metropolitan economy.

Document Highlights

  • After dropping 5.1 per cent in 2020, Regina’s real GDP grew by a relatively muted 3.1 per cent in 2021. We estimate that quarterly GDP finally surpassed its 2019 average in the first quarter of 2022.
  • Following a contraction of 7.2 per cent in 2020, output in the city’s primary and utilities sector slipped a further 2.0 per cent in 2021, dragged down by widespread drought in the Prairies.
  • With an agricultural rebound on the way, and favourable market conditions for the province’s other key commodities, there will be a significant turnaround this year. Growth of 7.3 per cent is expected for the primary and utilities sector in 2022.
  • A flurry of new investment in the city, with several major projects set to break ground this year, will also help boost overall growth.
  • Regina’s economy will expand by a forecasted 4.8 per cent in 2022 and a further 3.5 per cent in 2023.

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