Summary of the 2022 SCC Economic Outlook SurveyJanuary 11, 2023
Recently, Saskatchewan Chamber of Commerce (SCC) business members participated in the SCC Economic Outlook survey to provide insights into the provincial government, business competitiveness, and workforce challenges.
In 2022, the perception of the Saskatchewan government improved, with 41% of respondents feeling the provincial government provided a more competitive and attractive business climate over the previous year. This is a significant increase from 19% in 2021.
Saskatchewan’s predicted economic resurgence in 2022 also occurred. In 2022, 52% of respondents thought the provincial economy got better or much better, compared to only 23% in 2021. Individually, 46% of respondents believed their business had improved, compared to 30% in 2021. Looking ahead to 2023, 51% of respondents believe the provincial economy will get better or much better.
While 2022 was undeniably an improvement over 2021, Saskatchewan businesses are still struggling with tight labour market conditions, which will hinder the province’s economic development. Such conditions made finding workers tough in 2022, and the same is likely in 2023. For 2022, 44% of respondents said they had the same number of full-time employees at the beginning and end of the year, while 14% said they had fewer full-time employees at the end of the year. In 2023, 50% of respondents predict their full-time workforce will remain unchanged.
Finally, at the end of 2021, 51% of respondents predicted wage increases in 2022, however, at the end of 2022 71% of respondents had experienced wage increases. This upward trend of salaries is expected to continue in 2023, with 74% expecting wages to increase even more.