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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
Business confidence climbed slightly in March
The index was, however, lower than twelve months earlier in both Alberta and in the country as a whole
School-work
There is a 21 percentage point difference between the employment rate of Albertans aged 25-64 who have completed a post-secondary program and those who didn’t finish high school
Number of businesses waning
The number of active businesses in Canada contracted six times in a row over the second half of 2022
January showcased a surge in restaurant activity
Seasonally-adjusted revenues at Alberta’s food services and drinking places jumped by $64.3 million (7.0%) in January
Consumer spending was upbeat in January
Alberta led gains across all provinces in retail activity in January and was responsible for over a quarter of the rise in national sales
Tax-receipted charitable donations increased in 2021
Alberta tax filers donated almost $1.7 billion to charities for an annual increase of 7.1%
Alberta remains a migration magnet
Alberta gained 11,534 residents from other parts of Canada in the fourth quarter of 2022
Job vacancy rate down from peak
But remains high compared to before the pandemic
Price growth slowed the most in Alberta
Although still elevated at 3.6%, the headline inflation rate in Alberta in February was the lowest of any province
Wholesale activity starts off the year with a big splash
Alberta’s wholesale revenues surged to a record high in January
Farm prices down but not out
The prices received by Alberta farmers for key products ticked down in January, but remained above last year’s levels
Home construction activity on the rise again
Alberta’s residential market remained on strong footing two months into the year
Manufacturing starts the year with a bang
After posting two back-to-back declines, manufacturing revenues in Alberta jumped sharply to a record high in January
Dependency ratio rose again in 2022
Alberta stands out as the province with the lowest dependency ratio at 49.4 as of 2022 compared to a national average of 52.5
Exports strong out of the gate in 2023
After four consecutive pullbacks, the value of Alberta’s merchandise exports in January jumped $474 million
Job growth cooled in February
After solid gains in January, employment in both Canada and Alberta barely budged in February
And now we wait
ATB Financial's quarterly Alberta economic outlook as of March 2023
Pause button pressed
The Bank of Canada announced this morning it is keeping its trend-setting policy interest rate at 4.5% for now
Oil production took a breather in January
At 3.57 million barrels per day, Alberta’s oil output in January was 6.3% lower than in December