Quote:
Originally Posted by saffronleaf
While I don't think the O&G industry is done yet...
I think Calgary needs to reimagine itself to be like Denver. It's a great place to live. It's not just some remote Prairie resource town. It's beautiful, increasingly diverse, and the climate is passable for Canadian standards.
Edmonton will be fine because it is a provincial capital of one of the big 4 provinces; it's a gateway to the North; has a big university; and there is a lot of operations work and capacity that will probably keep chugging along even if the O&G industry overall declines.
AB will be fine.
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I would agree in regard to Calgary needing to go the way of Denver. The claims of Calgary becoming Canada's Detroit are utter nonsense. While diversification is proving difficult, we have only been at this major push for a few years, and the outcomes are starting to look promising. However, with major/unprecedentedly large construction projects underway like the Stoney Trail Ring Highway completion (45 kilometers, complete 2022), Green Line LRT (20 kilometers, complete 2026), Calgary Cancer Centre, all of which employ thousands of people and are multi-billion dollar investments each, with the arena deal and the regional flood protection system likely soon to finally come through as well, employment numbers should remain strong in the region through the mid 2020s. This combined with a serious surge in interest in urban living in Calgary (and indeed across Canada at large), chiefly due to the amazing number of ongoing public realm improvements that the city and CMLC are overseeing, which will ensure multi-family/tower construction remains steady or even increases into the mid-term.
Regardless of any of that though, Calgary will not be seeing another office tower constructed for at least a decade, can bet on that.
The major investments Calgary is making in its public spaces, health care, education, and cultural institutions will ensure that the city remains attractive in the long term.