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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
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