2007 annual report aveiro investment corp. - First West Properties

WHY SASKATCHEWAN?
Once solely an agricultural economy, Saskatchewan has
diversifi ed with the development of its mineral resources – and
the momentum in Saskatchewan’s economy continues to build:
• According to Statistics Canada’s preliminary estimates (released
April 25, 2007), Saskatchewan’s Gross Domestic Product (GDP),
infl ation adjusted, stood at $34.3 billion in 2006. In the last
decade – from 1996 to 2006 – Saskatchewan’s real GDP grew,
on average, at a rate of 2.0 per cent annually.
• Saskatchewan grows half of the entire quantity of
Canada’s major export crops: wheat, oats, barley, rye, fl axseed
and canola.
• Saskatchewan has 14,000 oil wells, which produce about 12
percent of Canada’s total oil output.
• Saskatchewan is the leading exporter of potash, with two-thirds
of the world’s reserves.
• Potash production and sales, oil production, farm cash receipts,
urban housing starts, international exports, retail sales,
building permit values, and average weekly earnings are all up.
Many independent forecasters expect Saskatchewan to be
among the nation’s leaders in economic growth this year.
(Government of Saskatchewan)
WHY MANITOBA?
Manitoba’s economy was built on agriculture, forestry and
mining, as well as the City of Winnipeg’s central role as the
transportation gateway from Eastern to Western Canada and to
the U.S. Midwest.
A recent KPMG study concluded that Manitoba has some of the
lowest overall business costs in the North American Midwest.
Offi ce space and industrial land are inexpensive and readily
available; electricity and long distance rates are among the lowest
in Canada; and labour rates are competitive.
The Government of Manitoba reports that growth in 2006 was
broadly based with particular strength in mining, agriculture
and construction. The Economic and Fiscal Analysis Branch also
reports that:
• Real GDP in Manitoba grew 3.1 per cent in 2006 and is forecast
to grow by 2.8 per cent in 2007.
• Manitoba capital investment increased 14.2 per cent in 2006,
second highest in the country. In 2007, capital investment is
projected to increase 11.3 per cent, again second highest among
provinces, while private investment is projected to increase
6.5 per cent and public investment 23.7 per cent.
• In the fi rst six months of 2007, Manitoba exports increased
22.6 per cent, substantially higher than the 5.1 per cent
national increase.
Aveiro Investment Corp. | 2007 Annual Report | 13