According to some recent statistics, Alberta is still leading Canada in a
few very important economic metrics. Over the past 12 months Alberta let
the country in population growth, adding 2.7% for a total just over 3.6
million people. Compared to a Canada wide population increase of 1.2%
and the next highest province (BC) having a 1.7% increase, Alberta is still
growing at a strong pace. In terms of interprovincial migration, Alberta is
faring quite well. While all other provinces have had negative or marginal
changes in numbers, Alberta has had over 7,000 people move from other
parts of Canada in the just the first quarter of 2009. This is compared to
the entire 2008 census year when 10,010 total moved to Alberta from
other provinces.
There are categories where Alberta’s economy seems to be a reflection of
what is happening Canada wide. The year over year change in
employment has seen a 1.8% decrease across the country and a 1.6%
decrease in Alberta. Ontario and BC have both had a 2.7% decrease. The
average weekly earnings across the country is $823.23 and provincially it
ranges from $691.93 (PEI) to $962.77 in Alberta. The next highest
province is Ontario at $843.45. One of the reasons Alberta enjoys a higher
average earning is the year over year increase in earnings was 4.3% while
the Canadian average was 1.9%.
An area to monitor in Alberta will be retail sales. While Canada has had a
5.3% decline in retail sales year to date, Alberta has had a 10.0% slide.
While there are many reasons for the decline, unemployment is likely a
main factor as the 1.6% employment decline mentioned earlier translates
into over 32,000 jobs lost in the past year. It is important to note however
that Alberta’s unemployment rate of 6.2% is still noticeably lower that the
national average of 8.2%. It is still also one of the lowest in the country.
While the recession has affected everyone globally, it appears as though
the economic effect on Alberta has been less severe. More importantly,
there are signs that we are in store for a quicker recovery.