Yesterday, the Office of the Superintendent of Bankruptcy reported that the number of insolvencies filed by Canadian companies in 2022 was up 37.2 per cent compared with 2021.
While the news is tough for many parts of the country, businesses in Saskatoon and Saskatchewan continue to show resilience and strength post-pandemic.
In Saskatchewan, the number of insolvencies filed by companies was 18% in the same period – half the national average, close to our normal attrition rate, and the 2nd lowest on the Prairies.
In Saskatoon, business closures and new licences tell a similar story. January 2023 saw 63 new business start-ups and 52 closures for a net gain of 11 businesses for the month of January.
It’s clear that the Saskatoon and Saskatchewan economies are emerging from the COVID period from a position of strength and stability – a strong foundation for continued growth into 2023.