Straddling the border that divides the Western Canadian provinces of Alberta and Saskatchewan, Lloydminster is a bustling rural business centre. Serving as a regional powerhouse to a trade area of over 1,417,000 people, Lloydminster is noted for its strong agricultural and energy industries, these industries are complemented and supported by very robust retail and service industries. Ranked 1st overall as Canada's Top Entrepreneurial City by the Canadian Federation of Independent Business in 2014 (2nd in 2013). PST exempt and no Business Tax, make us unique and "Open for Business."
Highlights of the economy are summarized below.
• Population & Growth With an estimated population of 34,295, and 58% under 35, Lloydminster is a young city. An average yearly growth rate of 5.9% makes Lloydminster truly the place to be.
• Demographics Lloydminsterites are not only younger than the national average (median age of 31.7 vs 40.6) they are also skilled and educated. 16% and 26% of the population have a trade certificate or college education receptively (national average 12% and 21%). Since Lloydminsterites are such a skilled labour force they also earn more money. The median household income in 2014 was estimated to be $91,203 almost 50% higher than the national average estimate of $62,757.
• Employment & Job Growth Lloydminster has a very high labour force participation rate (80.5%). When compared to the national average of 66% it’s easy to see why Lloydminster is so attractive to young families and businesses. There are an estimated 25,637 people in the labour force and roughly 102,263 more workers within an hour’s drive. Lloydminster has approximately 3,555 employers, 46% of which have fewer than 50 employees. This speaks to our innovative and entrepreneurial support climate provided by our Regional Business Accelerator and Community Futures. Industries with the highest number of employees include Oil and Gas Extraction, Construction and Retail Trade.
• Commercial Real Estate Commercial real estate in Lloydminster is competitively priced and has very low vacancy rates. The average cost per square foot for finished office space is $18.00 plus common costs in the range of $3.00 per square foot. Industrial land can range from $14,365 to $320,137 per acre with an average cost of $93,945.62.
• Residential Real Estate Housing values in Lloydminster continue to increase at a rate much higher than the national average. Since 2008 the prices have grown by about 10% annually. While nationally prices have only grown 6.9%. An average four/five bedroom family home in Lloydminster, in the range of 1200-1500 square feet with a double attached garage is worth on average $460,000. While an average four bedroom starter home in Lloydminster, approximately 900-1200 square feet with no garage is worth on average $335,000.