CALGARY — The Spring Calgary and Region Economic Outlook for 2019-2024 is now available at calgary.ca/economicoutlook and there are many hopeful economic signs on the horizon for Calgary.
“The City of Calgary and the Calgary Economic Region should have a third straight year of positive economic growth in 2019,” said City Economist and Regulatory Lead Oyin Shyllon. “Positive influences are expected to outweigh downside risks.”
The price for Western Canadian Select is expected to rise from US$38/barrel in 2019 to US$52/barrel by 2024. Natural Gas prices will also rise lifting the local economy.
“All sectors of the economy should benefit from improvements in energy product prices and improved oil and gas industry cash flows,” said Shyllon.
For 2019, Calgary’s Gross Domestic Product Growth (1.9 per cent) is expected to be higher than the provincial average (1.5 per cent) and even the national one (1.7 per cent.)
The Calgary Region is expected to have 40 per cent or more of major infrastructure, commercial, retail and tourism/ recreational investments in Alberta.
Sustained job creation in the regional economy is expected to yield 108,500 jobs in five years – 15,900 of those coming in 2019. This should lower the unemployment rate to 6 per cent by 2023.
Calgary’s population is expected to grow by 131,400 in five years with net migration being the primary driver. The biggest population increases are expected among people aged 35-44.
“The average rate of regional economic growth would improve from 0.3 per cent in the previous business plan and budget cycle to 1.9 per cent in the current one,” said Shyllon.
The report is compiled by City of Calgary economists to help guide City administration decisions.
For more information on how The City of Calgary is delivering value for citizens through the economic recovery please visit calgary.ca/deliveringvalue.