For much of the past decade, Alberta’s economy has been struggling. However, with high commodity prices and revenues, strong employment and economic activity, and positive migration into the province, is Alberta poised to make a comeback?
The short answer is yes.
However, this comeback comes with conditions and challenges. Inflation, for example, is the top concern for Canadians, and rising interest rates and lower wage growth (in Alberta) are putting ever more pressure on household budgets, especially for new homebuyers. And businesses are still struggling to find workers for the jobs available.
Additionally, the boom we’re in today is not like booms past: there is growth in sectors beyond energy and capital investment in oil and gas is just one-third of what it was in 2014 at similar commodity prices.
So what does this all mean for Albertans?
BCA’s economics team, Mike Holden and Alicia Planincic, break it down on this episode of The Brief.
In this episode:
- State of Alberta’s labour market
- Employers hiring expectations and labour challenges
- Why more people are moving to Alberta
- Size of Alberta’s economy today compared to 2014
- Inflation and wage growth in Alberta
- Impact of rising interest rates on Albertans
- Risk of a recession in Canada
About The Brief
In this series, co-hosts Scott Crockatt and Brittany Brander explore the big challenges we face as Albertans; celebrate stories of growth, innovation, and prosperity; and discover bold ideas to make life better for Albertans.