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By Regan Tate

Alberta government says province is attracting new business and people

Oct 19, 2022 | 1:08 PM

MEDICINE HAT, AB – The provincial government says the Alberta economy is moving full steam ahead.

It released an economic update Wednesday focused on the third quarter.

The government says Alberta has provided a climate that is encouraging businesses to invest and grow. For example, in September De Havilland announced it would be building a new aircraft manufacturing facility in Wheatland County near Calgary.

The province says with more companies choosing to invest in Alberta, residents have more diverse employment opportunities. Over the past three months, employment was up 4,600 from the second quarter.

Minister of Jobs, Economy, and Innovation Tanya Fir says the job growth is partly due to an increase in net migration with workers relocating to Alberta. “In the second quarter of 2022, Alberta saw the highest net inflow of interprovincial migrants in the country, with a net gain of 9,857 people. Most of these migrants came from Ontario (6,281), Manitoba (1,305) and British Columbia (1,090).”

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Over the same period, Alberta welcomed 25,026 international residents. Fir says “this is good news for our business community, which has identified labour shortages as an area of concern heading into the fourth quarter.”

The province also points to a rebound in the tourism and hospitality sectors. According to the province, hotel occupancy rates have largely returned to pre-pandemic levels at 68.1 percent.

The restaurant industry recorded sales of $913.8 million, an increase of 16.1 percent from July 2021.

Fir notes that “inflation continues to be a concern, with the consumer price index still above historical norms. In August 2022, Alberta’s consumer price index was six per cent higher than the year before; however, it is down from the highs experienced in early summer, and Alberta had the lowest year-over-year increase of all Canadian provinces.”

“Housing starts continue to climb despite a rise in interest rates, increasing by 19.9 per cent compared with a year earlier, whereas starts across Canada were down 4.1 per cent during the same period. Strong housing starts will allow our province to continue to accommodate new residents and provide more opportunities for Albertans looking to enter the housing market”, Fir added.