Manufacturing Week Is Celebrated In Saskatchewan
Saskatchewan’s manufacturing sector continues to play a key role in growing and diversifying the provincial economy. Today, the Government of Saskatchewan proclaimed November 25–29 as Manufacturing Week to celebrate the contributions made by industry partners, businesses and communities.
“The Government of Saskatchewan is proud of our many manufacturing businesses that continue to innovate and grow our province’s economy,” Trade and Export Development Minister Jeremy Harrison said. “Our manufacturing sector is a vital player in keeping Saskatchewan competitive in both domestic and international markets across many sectors.”
Saskatchewan’s manufacturing shipments (sales) and exports have shown strong growth since 2008. The value of Saskatchewan manufacturing shipments in all subsectors has increased from $13.2 billion to $17.9 billion. Food manufacturing is the largest subsector with shipments valued at $4.9 billion in 2018, an average annual growth increase of 6.3 per cent.
Since 2008, manufacturing exports grew 50 per cent to $6.5 billion and account for over 20 per cent of the province’s total exports of goods. In 2018, the manufacturing sector in Saskatchewan contributed $5.3 billion, or 6.4 per cent, to the province’s Gross Domestic Product (GDP).
Saskatchewan’s manufacturing productivity ranks second highest among the provinces, measured as real GDP per worked hour at $90.33. As of December 31, 2018, Saskatchewan had 1,908 manufacturing businesses and establishments, with more than 28,100 people employed by the sector.
The Government of Saskatchewan continues to offer various incentives to grow the manufacturing sector, including:
- a corporate income tax as low as 10 per cent on manufacturing and processing profits;
- the Saskatchewan Commercial Innovation Incentive – the first “patent box” style incentive of its kind in North America;
- the Saskatchewan Value-Added Agriculture Incentive – to assist with new or expanded value-added agricultural processing; and
- provincial tax exemptions for investments in eligible machinery, equipment and materials.
In Saskatchewan’s Growth Plan: the Next Decade of Growth 2020-2030, the province announced its goal of increasing the value of Saskatchewan manufacturing exports by 50 per cent by 2030. The growth plan outlines a number of actions to ensure Saskatchewan has a competitive tax and regulatory environment for manufacturing investment, and to expand access to Canadian and international markets for Saskatchewan manufactured goods.
To learn more about Saskatchewan’s manufacturing sector, please visit http://www.saskatchewan.ca/business/investment-and-economic-development/key-economic-sectors/manufacturing.