Economic future bright for Alberta, not so rosy for Canada
Posted Sep 18, 2012 11:03 am.
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Energy related investment is expected to produce a stampede of migrants and immigrants to Alberta.
The Conference Board of Canada predicts Edmonton and Calgary will post the greatest economic and population growth over the next five years.
“Yeah, they’re” (Calgary and Edmonton) “definitely head and shoulders above the rest of everyone for this year,” Conference Board Economist Greg Sutherland tells 660News. “And the outlook for the next four” (years) “has them at the top two, along with some other economies in Western Canada as well.”
The economic conditions add up to another stream of workers and their families to the province.
“People from other provinces, and international migrants, we’re expecting a good solid number up around — at least for 2012 — over 20,000 international and inter-provincial migrants,” adds Sutherland.
But he says that could also present some familiar challenges for Alberta.
“You could have looming labour shortages,” notes Sutherland who adds a population increase also means increased stress on the province’s infrastructure. “That might crop up again in the near term. But that kind of remains to be seen.”
Sutherland says all aspects of the Alberta economy are benefiting from about $29 billion worth of energy-related investment, with another $86 billion in proposed projects on the table.
The TD Bank says Canada’s economy is going through a soft patch and the growth rate for the rest of the year will come in below two per cent.
The new forecast estimates growth has slowed to about one per cent during the current third quarter that ends on Sept. 30, making it the weakest three months of the year.
The bank blames global turbulence for most of the weakness, but adds that fatigued Canadian households, a correction in the housing market led by the sharp downturn in Vancouver, and deficit-cutting governments are also factors.
