Alberta's Economy Now Versus the Economy during the Boom Years
Alberta's economy is in great condition right now but is it doing as well as it once did during the boom years that lasted from 2006 to 2007? According to a report that has been issued by BMO Capital Markets, Alberta hasn't yet reached the point where price pressure would be debilitating to the economy.
The report notes that during the past year, Alberta has seen a net migration of 39,000 people from other provinces in Canada. Many of these people are looking for a new job or one that pays better. With the continued expansion of the Alberta economy these days, the report decided to take a special look at the 2006 and 2007 boom years when the economy was overheating.
The report says that even though the economy in Alberta is currently strong, it hasn't reached the boom levels that were previously seen. Alberta remains dominant in its economic performance when compared to the rest of the provinces in Canada in regards to population growth, retail sales, employment etc.
It's unlikely that this province will see such an accelerated rate of inflation as it did back in 2006 and 2007. The economy in Alberta has had a chance to make adjustments to the higher growth rate since those years.
With all of the positive news about the current economy in Alberta, it's great to hear that the forecast is also good for the future. As we continue to expand and grow, it's good to know that we’re more prepared for what lies ahead than we were back in the boom years when things suddenly fell apart. The province is on pace to see a 3.5% GDP growth in 2014, which is expected to be the highest growth rate in Canada.Posted by on