Remai Modern Expected to Contribute $17 Million in Annual GDP Impact
SASKATOON, SASKATCHEWAN – Today, the Saskatoon Regional Economic Development Authority (SREDA) released key findings from its Remai Modern Economic Impact Study. The study concluded that the opening of Remai Modern will contribute $17 million in annual GDP impact to the Saskatoon economy from 2017-2019.
“We have always been confident that Remai Modern will contribute to the local economy in big ways,” said Gregory Burke, Executive Director and CEO of Remai Modern. “This study confirms our belief, and clearly demonstrates how significant the impact is on the economy in terms of jobs, GDP, output and labour earnings.”
In addition, the report estimates Remai Modern will support 292 full-time equivalent jobs, generate $30.4 million in output and $10.4 million in labour earnings annually from 2017-2019. This is based on a combination of projected Remai Modern expenditures and tourism impact.
On top of this, during the construction phase Remai Modern will support 548 full-time equivalent jobs, generate $52.5 million in GDP, $119.1 million in output and $32.5 million in labour earnings.
“Remai Modern will be a significant economic driver for the Saskatoon region’s economy,” said Alex Fallon, President and CEO of SREDA. “The gallery will provide a boost to the economy by generating $17 million in GDP and 292 full-time equivalent jobs for the city. The spillover effect will be substantial, creating jobs in many sectors of the economy.”
Remai Modern will be a signature attraction for Saskatoon, and is expected to have a significant impact on tourism for the region.
“The gallery will provide a signature experience for visitors to our city,” said Todd Brandt, President and CEO of Tourism Saskatoon. “We expect to see an increase in visitors to Saskatoon, contributing to greater spending on accommodations, restaurants, shopping and more.”
The Remai Modern Economic Impact Study, commissioned by Remai Modern, estimates the direct, indirect and induced economic impact of the gallery through the use of Statistics Canada’s Input-Output economic multipliers for Saskatchewan. Data was obtained from Remai Modern’s Business and Operations Plan and Tourism Saskatoon.
About SREDA
The Saskatoon Regional Economic Development Authority (SREDA) helps grow the Saskatoon regional economy by providing programs and services in the areas of business attraction, business retention and expansion, entrepreneurship support, regional planning and marketing of the Saskatoon region. For more information, visit SREDA.com.
For more information about SREDA, please contact:
Erin Lawson, Marketing and Communications Manager
P: (306) 664-0708 E: elawson@sreda.com
For more information about Remai Modern, please contact:
Sheila Robertson, Communications Manager
P: (306) 975-2242 E: srobertson@remaimodern.org