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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
Economic growth stronger than expected in the third quarter
Despite the strong showing overall in the third quarter, there are signs that the economy is gearing down
Alberta businesses anxious about the year ahead
Business confidence in Alberta is down 10 points from where it was this time last year and by 15 points compared to where things stood in the spring
Modest wage growth in September
Seasonally-adjusted average weekly earnings in Alberta were 2.6% higher in September 2022 than in September 2021
Let’s go out for dinner!
Seasonally-adjusted revenues at Alberta’s food services and drinking places grew for the eighth consecutive month in September
Shopping spree coming to a halt
Retail activity in Alberta retreated for the second month in a row in September
Some quick facts about the Consumer Price Index
The CPI provides us with a great measure of the general direction of price change over time for consumers as a whole, but the effects will vary from household to household
Benchmark resale house prices softer in October
The seasonally-adjusted benchmark price of a resale home in Alberta slipped for the sixth month in a row in October
Housing starts in Alberta spiked in October
The number of seasonally-adjusted housing starts in Alberta increased by 19.1% in October compared to the month before
Wholesale trade cooled slightly in September
After jumping by 6.4% in August, seasonally-adjusted wholesale revenue in Alberta pulled back in September with sales down by 0.4%
Inflation stayed sticky in October
The headline inflation rate in Canada in October was 6.9%—the same as it was in September
Alberta manufacturing sales steady in September
Sales edged down just slightly compared to August but were well above where they were 12 months earlier
The recovery in context: GDP per capita
When population growth is considered, Alberta’s journey back to its pre-pandemic level of economic output will not be over in 2022
A year of recovery
Things improved in 2021 with every province except Saskatchewan posting at least some GDP growth
Another month, another oil production record
Oil production in Alberta averaged a record-breaking 3.88 million barrels per day in September
Crop prices in Alberta remained high in September
The going rates for Alberta’s three main crop products were down in September compared to their recent peaks, but were still well above their five-year averages
Oil and natural gas boost Canada’s export performance
Canada’s energy exports over the first nine months of 2022 were $109 billion higher than over the same period in 2020
October 2022 jobs report
Despite the economic drag of elevated inflation and higher interest rates, employment ticked up in both Alberta and Canada in October
Construction outlook deteriorated in September
After pulling back by 9.2% in August, the seasonally adjusted value of building permits in Alberta was down by 11.9% ($160 million) in September