Room to grow

Key points

• Tech, logistics and construction have joined a strong energy sector to broaden Calgary’s economy.
• Affordability remains a pressure for many households, though easing rents and strong hiring are providing a cushion.
• Projects in downtown Calgary point to a city that is growing as a cultural hub.

While energy is a cornerstone of Calgary’s economy, it’s increasingly joined by the strength of other sectors, presenting significant opportunities (and room) for growth. Those opportunities will need to keep pace with a fast-growing region: the Calgary metro area added nearly 300,000 residents between 2021 and 2025 and is forecast to pass two million by 2030, according to The City of Calgary’s population outlook.

To see what that looks like on the ground, I sat down with Chris Jacyk, Finance Manager, Economics, Regulatory & Long-Range Financial Planning at The City of Calgary. His insights take centre stage in today's Twenty-Four.

Energy, and then some

"I certainly don't want to minimize the impact of oil and gas, both directly and through the indirect spin-offs," says Chris. "But when you look at the structure of our economy, we have diversified significantly in just the last 10 years." Oil and gas account for under 4% of Calgary's jobs, down from under 5% a decade ago, while professional services, educational services and trade have all grown.

Energy still has momentum, with more oil and liquefied natural gas (LNG) export capacity ahead. "The energy industry is definitely one of the bright spots," says Chris.

What's new is the breadth. Accommodation and food services, retail, manufacturing, and transportation and logistics are all showing strength, with projects like the Prairie Economic Gateway set to expand Calgary's role as a logistics hub.

Tech is joining in too: Calgary's tech talent workforce grew 56% between 2022 and 2025, the fastest of any major North American market. Chris sees that momentum continuing, though growth rates naturally cool as a sector subsequently grows from a larger base.

Construction is another bright spot, with government infrastructure projects driving "tremendous demand for construction workers." 

Hiring across the board

That breadth is showing up in the job market. ATB’s most recent quarterly outlook has Alberta's economy growing 2.7% this year and 2.3% next, ahead of the national pace, and Chris expects Calgary to follow that path. Hiring is a big reason: employment growth this year has come in stronger than the City forecast and well ahead of the rest of the country.

However, the unemployment rate has been slow to fall. Chris points to strong population growth in recent years, along with a participation rate (the share of people working or looking for work) that has been climbing back up. Beneath that headline, the latest numbers are encouraging: unemployment is falling across all age groups, including youth, where it has been a persistent challenge.

Breathing room

Household budgets are constrained with affordability a key issue. Real wage growth improved late last year and early this year before slipping back, and Chris notes the affordability gap has yet to close.

Housing is starting to help. Record housing starts in 2024 and 2025, led by multi-family units, are reaching completion, and new asking rents have eased for a couple of quarters. Ownership prices softened before a modest uptick, but "we're definitely seeing some improvement on the affordability level," says Chris. 

Calgary also remains more affordable than other large Canadian cities like Toronto and Vancouver, one reason Alberta has now seen 20 straight quarters of people moving in from other provinces. 

Insulated, not immune

Chris says Calgary is more insulated from tariffs than most of Canada, though higher costs moving through supply chains are starting to show; he has heard anecdotally that some businesses are holding off on investment while uncertainty plays out. ATB's latest Small Business Pulse points the same way: while 82% of surveyed Alberta small business owners reported no U.S. revenue and over half have no direct U.S.-sourced inputs, indirect supply chain impacts remain a concern. 

Chris notes the hesitation is greatest among businesses with a strong U.S. focus, while there is now slightly more willingness to invest in firms tied to other export markets.

New builds, building momentum

Chris also notes the momentum visible downtown. Scotia Place, Calgary’s new event centre, is rising. The BMO Centre expansion has opened. The Werklund Centre (formerly Arts Commons) is expanding, and the Shaw family's contribution to the Glenbow Museum is underway. "It really shows the balance, not just of pure job-related economic growth, but the expansion of Calgary as a cultural centre," Chris says. 

The bottom line

Energy remains a bright spot, other sectors are adding to the mix, and easing residential rents are taking some pressure off households. Calgary’s real strength lies in the combined force of energy sector momentum and an increasingly diversified economic base, giving the city plenty of room to grow.

On a personal note: As a proud University of Calgary alumnus, it’s especially exciting to see how much the city’s economic landscape has evolved and broadened since my days on campus. Seeing the city build room for future generations of talent hits close to home.

A huge thank you to Chris for sharing his insights. 

Answer to the previous trivia question: Edith Quimby (1891-1982) was an American medical researcher and physicist who developed standards for radiation protection and established techniques for treating tumors with radiation and X-rays.

Today’s trivia question: Mrs. Kwong Lee was the first Chinese woman to immigrate to Canada. What year did she arrive?