Last week, we broke down how economic power has become the modern currency of influence. If power is the goal, leverage is the engine.

At ATB Economics, we often talk about this in an Alberta context. Today, we look at Saskatchewan as another great example of how resources can be leveraged into economic power on the global stage. More than the "endless wheat fields" stereotype, Saskatchewan is quietly becoming a strategic economic jurisdiction. Here’s why.

That leverage rests on four pillars:

• Food security: Saskatchewan has the world’s largest potash deposits and makes up roughly 33% of global potash production. Potash is a nutrient that is critical to global agriculture. BHP Group, the world’s largest mining company, expects the global potash market to tighten over the next decade as demand grows and geopolitical risks strain fertilizer supply chains. The U.S. imports about 90% of its potash needs, with over 80% sourced from Canada. BHP’s Jansen mine project in Saskatchewan is expected to begin production in 2026 and is projected to increase Canadian output by roughly 22% when the first stage is fully operational.
• Energy security: The province sits atop some of the richest uranium reserves on earth. The economic impact of this is highlighted by Saskatoon-based Cameco's recent $2.6 billion trade deal to supply 22 million pounds of uranium for India's nuclear reactors over the next nine years. Approximately one in seventeen American homes powered by nuclear energy draws on Saskatchewan uranium. And with nuclear energy seen as playing a key role in achieving global net-zero greenhouse gas emissions, Saskatchewan is well-positioned to benefit. The province’s leverage in this sector is structural, not cyclical.
• Critical minerals: Saskatchewan is home to 27 of the 34 critical minerals on Canada’s list and is already helping meet growing global demand for them.
• AI sovereignty and infrastructure: The surge in AI data centre construction is driving unprecedented power demand with nuclear emerging as an attractive option. As such, Saskatchewan’s uranium sits at the intersection of both the global energy transition and the artificial intelligence build out. The province has also been able to attract a major data centre project, with BCE announcing the construction near Regina of what will be Canada’s largest data centre.

Fully leveraging the benefits of these strategic assets hasn’t been easy and will continue to be a challenge as the global economy evolves.

Saskatchewan, in fact, is facing a number of headwinds. Despite the relative affordability of its housing market, Saskatchewan has been experiencing twelve consecutive years of net interprovincial migration outflows. Saskatchewan will need to attract and retain the skilled workforce necessary to scale its operations and fully capitalize on its strengths.

Saskatchewan also finds itself amidst both agricultural volatility and geopolitical volatility. The agricultural sector is no stranger to challenges, navigating volatile commodity prices, rising input costs, and unfavourable weather. Look no further than the recent conflict with Iran and the effective closure of the Strait of Hormuz to see this in action. The Middle East blockage has trapped a massive portion of the world's urea and nitrogen supply, sending fertilizer prices skyrocketing.

The bottom line is that Saskatchewan, like Alberta, has resources the world needs, and they go beyond its role as “Canada's breadbasket” (which is, itself, a major economic asset). And, with supply chain fragility a point of concern around the world, Saskatchewan offers something not everywhere else does: a reliable and secure source.

Answer to the previous trivia question: John Herschel is credited with creating the first scatter plot in 1833.

Today’s trivia question: In what year did Saskatchewan enter Confederation?