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Our economics team examines the latest statistics on employment, trade, consumer spending, the energy industry and other economic drivers to provide insight into what is happening in Alberta and where our economy is heading.
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Recent Owls
Number of businesses in Alberta during the pandemic
Encouragingly, after large drops in the spring, monthly gains were posted in June through December, albeit not enough to make up for the ground lost earlier in the year
Manufacturing increases again in February
Shipments from Alberta’s factory floors rose for the sixth month in a row in February. Compared to January, seasonally adjusted manufacturing sales rose by 1.9 per cent to reach $6.1 billion
Oil prices holding up nicely so far
WTI has averaged almost US$62 per barrel since the start of March while the Western Canadian Select benchmark has averaged just under US$52 over the same period
Pandemic shines a light on precarious employment
Concern has been raised about a growing segment of western society referred to as the “precariat”
Job recovery remains uneven
The hospitality sector still has the biggest pandemic-related employment hole to fill
Alberta's unemployment rate improved in March
The provincial unemployment rate went from 9.9 per cent in February to 9.1 per cent in March
Energy exports from Alberta up in February
The latest international merchandise trade numbers show Alberta’s foreign exports rose by 8 per cent ($665.6 million) in February compared to the month before
Global oil demand on the rise
Of critical importance to Alberta’s oil patch is that U.S. and Canadian oil consumption are forecast to grow this year and next
Research and development spending in Canada
R&D spending in Canada is well below many of our international peers
Non-residential construction outlook better in February
A doubling of government sector building permits and a strong rise in commercial permit value pushed up the non-residential total by 52.7 per cent in February
Long-term shifts in the Alberta job market
Payroll jobs in all but two major industry categories grew between 2001 and 2019
Payroll employment fell in January
Seasonally adjusted payroll employment in Alberta fell by 32,236 jobs (-1.8 per cent) in January 2021 compared to December 2020
The economic output of non-profits in 2020
Canada’s non-profit sector as a whole managed to grow in 2020 but picture is different when we drill down to the sector's component parts
Business confidence in Alberta flat since January
When asked about the current state of their business, only 21 per cent of owners in Alberta said “good” in March whereas 37 per cent said “bad.”
Another punishing month for Alberta restaurants and bars
January 2021 saw the 11th consecutive year-over-year drop in sales with the largest decline recorded in April 2020 when sales plummeted by 57 per cent
Art and sport sector revenue cut in half during the pandemic
Revenue for spectator sports, event promoters, artists and related industries will have decreased by around 50 per cent in 2020 says Statistics Canada
Income down in Alberta
The decrease since 2014 is larger for unattached individuals at 5.8 per cent compared to 1.8 per cent for families
Alberta is one of the most educated places in the world
The rising share of Albertans with post-secondary education is encouraging, but we can’t rest on our laurels
