Alberta poised to lead Canadian economy

[M II A II R II K]

Alberta poised to lead Canadian economy


December 27, 2011

By Tamara Gignac



Read More: http://www.calgaryherald.com/busines...megadrop_story

Albertans know all about the B-word: boom. For much of the past decade the economic pace was blistering, led by massive projects in the oilsands. The result was scores of high-paying jobs, a red hot real estate market and an influx of thousands of new migrants. The party was good while it lasted. But in 2008, Albertans were blindsided by another B-word: bust. A collapse in energy prices, the result of the U.S. financial crisis, took the steam out of Alberta’s once-buoyant economy.

- But after sputtering for much of the last three years, Alberta appears poised to regain its position as Canada’s economic juggernaut. All signs suggest prosperity is sweeping the province. Unemployment is low, cash registers are ringing and the energy sector is once again on a hiring spree. It begs the question: is Alberta headed for another overheated economy? Economists are certainly bullish when it comes to the province’s prospects. The Royal Bank of Canada predicts that Alberta’s rate of growth — four per cent this year and 3.9 per cent in 2012 — will outpace all provinces except Saskatchewan.

- “Oilsands megaprojects will continue to generate tremendous economic activity and will be a boon to Alberta’s economy for years to come,” says RBC chief economist Craig Wright. “The boom entirely emanates from the private sector — the source of an astounding 116,000 new jobs this year,” Wright said. Improved employment prospects have translated into a record quarter for Sharlene Massie’s local recruiting firm, About Staffing. Alberta is bucking the national trend, a welcome relief from the hiring freezes of recent years. As long as there’s continued growth in oilsands production and Alberta’s unemployment rate holds steady at about five per cent, the good times should continue, Massie says.

- A report this year warned that a looming labour shortage is the Achilles heel of the provincial economy and that industry should brace for a chronic scarcity of workers in the years ahead. It comes as Calgary’s oilpatch, and the rest of the natural resources sector, is set to lead the nation with the highest projected salary increases in the year ahead. But boom or bust, Alberta’s shifting demographics will probably require a new approach to labour issues in the coming years, suggests Calgary Chamber of Commerce CEO Adam Legge. The province has repeatedly looked to the federal government to change immigration policies so Alberta can hire the workers it needs.

- “The Bank of Canada will want to keep an eye on Alberta because we will have stronger inflation in our economy than the rest of Canada.” A heated labour market is only one indicator of Alberta’s changing economic fortunes. Figures from Statistics Canada show a three per cent increase in retail sales in October compared with the month before — the largest increase in Canada. It comes as more Albertans purchase new vehicles, electronics and clothing — a welcome prospect for local retailers, who saw cash register receipts dwindle during the recession. Discretionary spending is on the rise in the province.

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[manny_santos]

The Harper Government pulling out of the Kyoto Protocol is going to help Alberta's economy tremendously.

At the expense of the environment, of course.

[RyeJay]

Be careful when mentioning the environment around Canada's Texas.

[ue]

Oh for fuck's sake, Alberta is not akin to Texas. As for the article, that is a big shocker (sarcasm).

[Doug]

Originally Posted by manny_santos

The Harper Government pulling out of the Kyoto Protocol is going to help Alberta's economy tremendously.

At the expense of the environment, of course.

Not really. The Kyoto Accord was imaginary. Not a single signatory had a credible plan to comply. High oil prices are moving these projects forward. Nothing else.

[Doug]

Originally Posted by RyeJay

Be careful when mentioning the environment around Canada's Texas.

Says someone from Canada's Appalachia

[MrOilers]

Originally Posted by Doug

High oil prices are moving these projects forward. Nothing else.

Yup.

This would be happening with or without participation in Kyoto.

[caltrane74]

Wow - a guaranteed six figure job could get me to move to alberta. But I don't want a job if I gotta always worry about getting cancer or losing my arm in a freak accident.

[1ajs]

Originally Posted by caltrane74

Wow - a guaranteed six figure job could get me to move to alberta. But I don't want a job if I gotta always worry about getting cancer or losing my arm in a freak accident.

thats why alberta also has some of the toughest safty regulations

[logan5]

The Gitxsan First Nation in B.C. has signed a deal with Enbridge to allow an oil pipeline from Alberta to Kitimat which brings Alberta one step closer to China...

[feepa]

Many chiefs have come forward and said Enbridge doesn't have the will of the people... in fact most oppose the deal

http://www.cbc.ca/news/canada/britis...e-gitxsan.html

[ZeDgE]

Originally Posted by RyeJay

Be careful when mentioning the environment around Canada's Texas.

Really?

[dennis1]

Originally Posted by MrOilers

Yup.

This would be happening with or without participation in Kyoto.

Obviously I enjoy the prices out here in ontario.

[RyeJay]

Originally Posted by Doug

Says someone from Canada's Appalachia

I haven't a cookie for you.

[Rico Rommheim]

Why is this so contentious? The west has been booming ever since the nation was formed! Even before that. Much like the states, our country grew and prospered out of western expansion. And what's wrong with that?

[RyeJay]

Originally Posted by ue

Oh for fuck's sake, Alberta is not akin to Texas. As for the article, that is a big shocker (sarcasm).

Alberta is not akin to Texas? Sure. Whatever you say: except when comparing oil economies, except when comparing the shared disregard for the environment and climate science, except when comparing a retardation in acceptance of secular driven social norms, the religious intolerance, the parallel political spectrums, the polyurban mess of urban sprawl, and this list goes on ...

And ironically, Alberta and Texas are further comparable in terms of the desertification each is experiencing with climate change...

SO. Perhaps the CBC should start a new reality tv show: Alberta's Forest Fires. It's guaranteed to be 'in production' each year, pending the complete depletion of Alberta's forests.

I'm hoping for at least a 10 season run.

[Vertigo3000]

The noticable difference between Alberta and Texas are the temperatures, thats about it, they're both extremely similar
fyi Spent time in both regions.

[Jets4Life]

Originally Posted by caltrane74

Wow - a guaranteed six figure job could get me to move to alberta. But I don't want a job if I gotta always worry about getting cancer or losing my arm in a freak accident.

LMAO...

I just have to laugh at your ignorance. Then again you live in the 'centre of the universe."

[Jets4Life]

Originally Posted by RyeJay

Alberta is not akin to Texas? Sure. Whatever you say: except when comparing oil economies, except when comparing the shared disregard for the environment and climate science, except when comparing a retardation in acceptance of secular driven social norms, the religious intolerance, the parallel political spectrums, the polyurban mess of urban sprawl, and this list goes on ...

I guess that explains why Calgary has a Muslim mayor, Edmonton has a Jewish mayor, and the Premier is a woman.

[stamps]

Originally Posted by caltrane74

Wow - a guaranteed six figure job could get me to move to alberta. But I don't want a job if I gotta always worry about getting cancer or losing my arm in a freak accident.

Maybe stay where your at and work on your own backyard.... http://www.wernerpatels.com/2011/03/...ers-at-itself/ ...... http://www.thestar.com/news/article/1022104