The Owl: Focused on Alberta’s Economy
Retail sales, unemployment rate, population growth, inflation, international trade—these are just a few of the economic trends the team makes sense of in The Owl.
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The growing importance of India’s economy
India's economy is forecast to become the world's third largest by 2030
Population growth uneven across Alberta municipalities
The population of 194 municipalities in Alberta decreased between 2016 and 2022
Restaurant sales retreated in November
Seasonally-adjusted revenues at Alberta’s food services and drinking places contracted by $31.8 million (-3.4%) in November 2022
Coming up short
Wage growth outpaced by inflation in November
New home prices cooler to end the year
After rising during the first half of 2022, new home prices in Alberta edged down over the second half of the year
Borrowing costs go up again
The Bank of Canada announced this morning it is raising its trendsetting policy interest rate from 4.25% to 4.5%
Wholesale revenues climb to a new peak
Seasonally adjusted revenues for Alberta wholesale traders ticked up by $90 million (+1.0%) in November to reach $9.3 billion, the highest level on record
Retail activity still holding up
Given the double whammy of elevated inflation and higher borrowing cost, consumers have not pulled back their spending as much as expected
New vehicle sales continue to face headwinds
New vehicle sales in Alberta have languished for the sixth straight month compared to 2021 levels
A noteworthy year for home construction in Alberta
Total housing starts for the year were 14.4% higher than in 2021 and 33.7% above the pre-pandemic level set in 2019
Manufacturing sales took a breather in November
The value of Alberta's seasonally-adjusted manufacturing sales fell $280 million (-3.0%) to $9.2 billion in November
Inflation still too high, but trending down
The headline inflation rate in Canada in December was 6.3%, down from 6.8% in November
A look back at Alberta’s labour market in 2022
Continued economic growth in the province combined with the labour market momentum built up last year will support job growth in Alberta in 2023
Alberta is a popular place
Alberta’s net gain in residents from other parts of Canada has only been higher on one occasion and that was back in the third quarter of 1980
Alberta oil production sets another record
Total oil production in Alberta climbed to 3.96 million barrels per day in November
Crop prices remain robust
The average price of Alberta wheat, barley, and canola—Alberta’s three largest crops—all ticked up in November
Construction activity on the rise in November
The seasonally-adjusted value of building permits issued by Alberta municipalities increased by $52.5 million (+4.5%) to reach $1.2 billion in November
Lower energy prices dampened exports in November
The value of Alberta’s international merchandise exports in November 2022 contracted by $1.1 billion (-6.1%) relative to October
Jobs jumped in December
Despite the growth in employment, increased participation in the labour market kept the provincial unemployment rate steady at 5.8%
Delayed onset economic soreness
The top five economic stories to watch in 2023
A gloomy year of…economic growth!
Elevated inflation has been making life more difficult for households and businesses, but the overall economy in Alberta and Canada will still post strong numbers in 2022
Manufacturing sales in Alberta hit record high in October
After decreasing four months in a row, seasonally-adjusted manufacturing sales in Alberta increased by 7.3% in October