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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
Oil and gas drive record export value
The value of merchandise exports out of Alberta rose by $37.5 billion over the first half of the year
Oil production in Alberta sets new record
Daily oil production averaged 3.6 million barrels per day over the first six months of the year
Crop prices grew again in June
Wheat, canola and barely—Alberta’s three largest crops—continued to fetch record prices
COVID hangover
Employment in Alberta was 4% higher in July 2022 than in February 2020 before the COVID-19 pandemic was declared. Some sectors, however, still haven’t caught up
Employment growth stalled in July
Employment in Alberta was virtually the same, growing by just 300 compared to June
Electronic shopping down from pandemic peak
As a share of total retail sales, e-commerce revenue peaked in April 2020 at 11% and has since pulled back to about 5%
Housing starts cooler but not cold in June
Although 16% lower than the month before, the construction of new homes in Alberta in June remained 38% higher than the five-year average
Inflation jumped in June
The national inflation rate hit 8.1% and is likely to stay at or near this level for several more months
Wholesale activity up again in May
Revenue for wholesale traders in Alberta ticked up for the third consecutive month as seasonally adjusted sales grew $111 million
Alberta expected to grow by two million by 2046
The average age of an Albertan will go from 39.0 to 41.7 with one in five Albertans 65 or older by 2046
No slowing down for Alberta’s manufacturing sector
Higher prices have helped push up manufacturing sales in Alberta
Bank of Canada aims 100-basis-point increase at inflation
The Bank of Canada announced this morning that it is raising its trendsetting policy interest rate from 1.5% to 2.5%
Labour market tightened even more in June
While not a record low for the province, Alberta’s seasonally-adjusted unemployment rate fell from 5.3% in May to 4.9% in June
Energy companies top list of Alberta’s largest businesses
Alberta leads all provinces with 2.77 head offices per 100,000 people compared to 2.45 in Ontario and 1.96 in BC
Building permit value in Alberta riding the inflation wave
After adjusting for cost changes, year-to-date construction intentions were down 10.6%
Now hiring
Bank of Canada survey shows more businesses are reporting labour shortages
Happy Fourth of July to our American cousins
It’s Independence Day in the US, so today’s Owl highlights some interesting facts about Alberta and the United States
Fun facts about Canada’s economy
The number one ingredient of a successful Canada Day celebration is a handy set of facts about the national economy you can share with friends, family and strangers!