Saskatchewan is the next Western province to follow Alberta’s boom – but based on real wealth.

The local economy has a solid foundation in traditional exploitation of natural resources – the rate of new drilling license applications is rocketing. As the second-largest oil exporting province after Alberta, producing 419 barrels of oil daily compared to Alberta’s 571, Saskatchewan has much to offer with oil, gas, potash, uranium and diamonds under its ample plains.

Looking forward, the provincial government has noted the increasing incomes of Brazil, India, Russia and China and begun major efforts to develop its high tech industry. Saskatchewan is preparing to add value to the local mineral resources and achieve some significant additional earnings through the export of these minerals.

The Regina Regional Economic Development Authority’s purpose is purely to help the research and industry sectors work with each other. Regina’s University – ranked No. 6 in Canada – is the centre of a new wave of technology and innovation that is rolling across the province: efforts leading to the introduction of two major plants to make ethanol fuel from grain, wind farms and biotech startups. The university’s success means increasing support for higher education. As the needs of new industries change, the province is recognizing the importance of replacing retiring boomers with motivated and qualified youth.

Furthermore, the economy is shifting away from macro economy-dependent service industries to real local wealth, with a reassuring decrease in the effect of stock market jitters.

Although Alberta has recently been attracting workers away from Saskatchewan’s traditionally low-unemployment labour market, this trend won’t last – Saskatchewan’s wages are exactly inline with the rest of Canada. Surprisingly, housing remains affordable for the moment, therefore sky-high Calgary and Edmonton housing prices will push workers back East again to buy in Saskatchewan – this is the right time and place for property investment.

“Saskatchewan has recently joined the small group of “have” provinces.” Todd Hirsch, chief economist, Canada West Foundation.