In-migration, fiscal sustainability, and venture capital attraction underscore Alberta’s strengths, while addressing GDP growth, and workforce equality gaps remains essential.
CALGARY, ALBERTA— Alberta is in a strong position as a hub of opportunity and innovation; but this year’s Scorecard also shows some signs of a slowing economy. Historic levels of in-migration, strong venture capital attraction, and improved fiscal stability are fueling progress, while further effort will be needed to address workforce equality gaps and increase per person GDP. The 2024 Prosperity Scorecard highlights both achievements and areas requiring focus to ensure every Albertan can thrive.
This year’s Scorecard evaluates 22 individual measures and provides a balanced overview of Alberta’s economic and social health, identifying where the province is improving and where efforts need to be redoubled.
2024 SCORECARD HIGHLIGHTS
A good life: 82% of Albertans say they have the opportunity to live a good life in Alberta. A very strong majority, despite being down (-7%) from last year.
*Sources: Janet Brown Omnibus Report, Nov 2024 & 2024 Score Card Sources and Dates
Areas of Progress:
- In-migration: Alberta continues to attract people from across Canada and the globe at historic levels. These trends highlight the province’s strong reputation as a place of opportunity and prosperity.
- Fiscal Sustainability: The province has improved revenue stability and continues to report manageable levels of debt, underscoring Alberta’s commitment to sound fiscal management.
- Venture Capital Investment: Alberta’s share of national venture capital investment has grown from 7.3% to 10.2% (a 41% increase in share). Despite a nationwide decline in venture capital, Alberta has become a leading destination for innovation-driven investment.
- GHG Emissions: Overall emissions declined slightly (under 1%), in the context of increased energy production and economic growth; evidencing that the significant efforts on decreasing emissions intensities are showing results.
Areas of Opportunity:
- GDP Per Capita: A 1.5% decrease in GDP per capita reflects economic growth not keeping pace with Alberta’s population increase. Sustained efforts will be crucial to maintaining the province’s attractiveness for residents, businesses, and investors.
- Indigenous Employment Gap: The unemployment gap between Indigenous and non-Indigenous workers has grown by 33%, with Indigenous unemployment at 10.5%, compared to 5.7% for non-Indigenous individuals. Targeted initiatives are needed to address these disparities and enhance economic inclusion.
- Income Disparity: The gender income gap has widened by 6 percentage points, reversing progress seen in 2021. Women’s median incomes have slightly declined, while men’s incomes have increased. Tackling this disparity will be vital to fostering equity.
The Scorecard reflects the complex dynamics shaping Alberta today—highlighting resilience, innovation, and areas requiring focused attention. As the province charts its course through the Define the Decade initiative, the Business Council of Alberta remains steadfast in its commitment to ensuring every Albertan has the opportunity to thrive.
The full scorecard can be found at https://definethedecade.com/#scorecard.
About the Business Council of Alberta. The Business Council of Alberta is a non-partisan, for-purpose organization dedicated to building a better Alberta within a more dynamic Canada. Composed of the chief executives and leading entrepreneurs of the province’s largest enterprises, Council members are proud to represent the majority of Alberta’s private sector investment, job creation, exports, and research and development. The Council is committed to working with leaders and stakeholders across Alberta and Canada in proposing bold and innovative public policy solutions and initiatives that will make life better for Albertans.