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Alberta's capital expenditure projections for 2019

Alberta's capital expenditure projections for 2019

Posted on: 3/4/2019 | Author: ATB Financial's Economics + Research Team

​​Capital expenditures across all industries in Alberta are expected to decrease by 1.3 per cent in 2019 compared to last year, falling from $60.5 billion to $59.7 billion. Spending in 2019 will be 38.9 per cent below the peak set in 2014. Nationally, spending is expected to increase by 2.5 per cent in 2019.

Spending in the oil and gas extraction sector is the largest component of capital expenditures in Alberta at 43.3 per cent of the total in 2019. Oil and gas expenditures are expected to decrease by 3.0 per cent this year, falling from $26.7 billion to $25.9 billion. Compared to 2014, oil and gas spending has dropped by more than half (55.4 per cent), erasing $32.2 billion from the Alberta economy.

Other sectors that will see declines in 2019 include agriculture and forestry (-1.7 per cent), wholesale trade (-3.5 per cent), retail trade (-5.0 per cent), accommodation and food services (-12.9 per cent), professional scientific and technical services (-15.7 per cent) and educational services (-24.2 per cent).

Areas of growth this year include transportation and warehousing (+0.7 per cent), information and cultural industries (+1.3 per cent), utilities (+2.5 per cent), health care and social assistance (+9.5 per cent) and manufacturing (+31.5 per cent).

Within the manufacturing sector, the growth is mostly in the chemical sub-sector (+89.2 per cent) and paper sub-sector (+122.0 per cent). Sub-sectors that supply a lot of manufactured goods to the oil and gas industry, such as fabricated metal manufacturing and machinery manufacturing, are projecting capital spending reductions of -22.9 per cent and -18.5 per cent, respectively.

Capital expenditures, graph​​​

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