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, record venture capital growth, 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 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.
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.
Scroll below for more highlights!
HIGHLIGHTS FROM THE 2024 SCORECARD
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.
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.
Background:
In 2022, the Business Council of Alberta (BCA) launched Define the Decade—a 10-year Prosperity Vision for the province and an economic development strategy to get there. As a part of this initiative, BCA made a commitment to annually report on Alberta’s progress on economic and social prosperity measures, including quality of life, workforce, innovation, infrastructure, environment, and fiscal sustainability.
Why? We believe what gets measured gets done, and we want to build a better Alberta.
In the Scorecard, we review the areas in which the province is improving or worsening (using the most recently available data).