Major City Insights: Regina—Autumn 2021
The Conference Board of Canada,
October 1, 2021
Thanks to COVID-19 vaccines and reduced public health restrictions, economic momentum in major cities across the country is building. Vaccine passes will help to prevent new restrictions, but the presence of variants is still a downside risk to our outlook.
- Prairie drought, flat potash prices, and a rising number of COVID-19 cases will temper Regina’s recovery from last year’s 5.3 per cent real GDP decline. Still, we expect the city’s economy to expand by 5.5 per cent in 2021.
- As the provincial capital, Regina enjoys some economic support from its public sector during downturns, although this sometimes comes at a cost of a subsequently slower economic rebound.
- This year’s better economy has supported area housing markets and will help output in the finance, insurance, and real estate industry—the city’s largest industry—grow by 3.6 per cent.
- To the extent that vaccination against COVID-19 holds the key to economic recovery, Saskatchewan and its capital may face a challenge. Near the end of August, just 68.4 per cent of provincial residents aged 12 and over were fully vaccinated.