Chart of the Week: The sleeper pick of 2025 - Tourism!

Amid the trade war mayhem, tourism is a sector that’s easy to overlook. It shouldn’t be. It’s a major industry that quietly had a great year.

Foreign spending jumped. In the second quarter of 2025, there was a whopping 25% year-over-year increase in spending in Alberta by non-resident visitors to Canada. Sizable gains came from both American and overseas tourists. The first quarter was quieter, but that stellar second quarter meant spending was up 18% in the first half over the same time in 2024.

More visitors from abroad, including more Americans. Using more timely data, entries into Alberta from international destinations were up 11% year-to-date (YTD) through September, including a 7.8% increase from Americans and 21% from other (non-U.S.) foreign travellers. Alberta is far outpacing other provinces, with non-resident entries into Canada roughly flat this year (-0.2% year-to-date).

U.S. travel boycott? At the same time, fewer Canadians are travelling stateside, and the most obvious explanation is a protest to U.S. trade actions. The drop is 9.9% YTD among folks leaving Alberta. But it’s been a much sharper pullback elsewhere in the country. Nationwide, Canadian travel to the U.S. is down 25% YTD.

Keeping it local. Alberta tourist destinations are popular, but sometimes that means it’s hard to find enough product (industry speak for hotels, conference venues, restaurants, etc.) to meet the demand, especially at peak season.