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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Wholesale revenue back on the rise
Alberta’s wholesale trade activity rebounded in March after a short-lived decline in the month before
The seatbelt sign is on, but Alberta’s economy is still moving forward
Our current forecast is for Alberta’s economy to grow by 5.0% this year followed by 3.5% in 2023
Inflation remained red hot in April
It was another tough month for consumers with year-over-year price growth in Alberta of 6.3% in April, down slightly from March (6.5%)
Manufacturing activity resilient in March
At $8.8 billion in March, Alberta’s seasonally adjusted manufacturing shipments were $350 million (+4.1%) up from February
New vehicle sales stalled again in March
Year-over-year sales in Alberta were down by 19.0% (3,943 vehicles) for a total of 16,763 new cars and trucks sold in March
Farm product prices continue to set records
Dry conditions, tight supplies and geopolitical disruptions continue to push farm prices up across the country
Whither oil prices?
The answer is clouded by the uncertainty and large number of moving parts that characterize oil markets
Alberta’s oil output holds near record levels
Alberta’s total oil output in the first quarter of 2022 was 331 million barrels, slightly higher than production over the same period in both 2021 and 2020
Construction intentions softened in March
The total seasonally-adjusted value of building permits issued by Alberta municipalities decreased by 2.8%
Wholesale and retail added the most jobs in April
Uneven employment growth across industries continues to mark the economic recovery in Alberta
Jobs jumped in Alberta in April
Alberta's unemployment rate in April 2022 was three points lower than 12 months earlier
Bienvenido: Economic relations between Mexico and Alberta
Mexico is Alberta’s third largest trading partner with over $3.1 billion of two-way trade
No signs of slowing down for export activity in Alberta
Alberta’s merchandise exports to international destinations gained momentum on the back of higher energy prices in March
Alberta’s GDP by industry in 2021
Thankfully, things turned around last year with economic activity increasing in all but three sectors
Statistics Canada has released new GDP estimates for 2021
Alberta’s GDP grew by 5.1% last year
Job vacancies higher than before the pandemic
The job vacancy rate in Alberta went from around 2.5% before the pandemic to 4.3% as of the last quarter of 2021
Show me the money: Wages lagged inflation in February
Consumer prices grew at more than five times the pace of wages in February
Alberta restaurants and bars did better in February
Activity at Alberta’s restaurants and bars improved as the province moved to Step 1 of its easing of public health measures on February 9, 2022