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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.

Economics News

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Recent Owls

Building permits lower in August

The seasonally adjusted value of building permits issued by Alberta municipalities in August was 8.5% lower than the month before

Energy and agriculture pushed activity higher in July

Canada's real GDP grew by 0.1% compared to June and was 4.3% higher than in July 2021

Wage growth remains lackluster in Alberta

Seasonally-adjusted average weekly earnings in Alberta took a step back in July

Canada’s Indigenous population

Today’s Owl highlights some of the recently released statistics on the size and location of Canada’s Indigenous population

Population flow remains in Alberta’s favour

Almost 10,000 more people moved into Alberta from other parts of Canada in the second quarter of 2022 than vice versa

Rural business outlook

Rising inflation was the most commonly expected short-term obstacle among rural businesses in the third quarter

Restaurant sales advance despite headwinds

On a year-to-date basis, revenues in Alberta were up by $1.5 billion (+32.8%) from the same point last year

Retail sales softening

When inflation is taken into account, year-over-year sales in July were down by 1.5% in Alberta

Home construction easing but still upbeat

Housing starts in Alberta stood at 33,586 units (SAAR) in August, down 8,662 units (-20.5%) from July but 2,627 units (+8.5%) higher than 12 months earlier

Job vacancies rose again in the second quarter

Employers in Alberta were actively seeking to fill over 100,000 vacant positions in the second quarter of 2022

Inflation down but not out in August

Despite the drop in the inflation rate, the Bank of Canada is still likely to hike interest rates with its trend-setting policy rate potentially rising by another 75 basis points

Wholesale revenues retreat across the board

Seasonally-adjusted wholesale revenues in Alberta declined by 2.9% in July, but remained 20.6% above the same month last year

Behind the wheel

Despite a drop in the number of vehicles sold, higher prices drove up the value of new vehicle sales in Alberta in July

Alberta factory sales growth jostled in July

After reaching an all-time high in May, factory sales in the province edged down by 0.7% in June and by 2.6% in July

Oil output holding near record high

Alberta’s oil production averaged near 3.8 million barrels per day (bpd) in July, just 1.7% shy of the historic peak set in November 2021

Exports took a breather as oil prices eased in July

With oil prices ticking down again in August, we expect a fairly similar story for Alberta’s exports in next month’s trade report

Musical chairs: Employment gains and losses by industry in Alberta

Eight sectors posted an increase in August while employment in the other eight decreased

Unemployment increased in Alberta in August

According to the latest Labour Force Survey results, Alberta’s seasonally-adjusted unemployment rate went from 4.8% in July to 5.4% in August

ATB's Economic Outlook

Read our most recent growth forecast.

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