Alberta on the path of economic recovery

In Alberta today more people are working for progress and there is excellent growth in job opportunities.

Impressive statistics

In this year 58,900 jobs were created. Alberta has the highest rate of employment in Canada and its weekly earnings are also the highest. Moreover it pays the least taxes in the country. In 2018, there was an entrenched recovery in its economy. There was Job growth, and a decline in the deficit. The government is on the track for balancing the budget in 2023. There are efforts to ensure a strong economy.

Diversification in the economy

Moreover, there was diversification in the economy this year. Chemical manufacturing and food contributed strongly.  Additionally, the shipments of food manufacturing achieved record levels. There was a nine percent expansion in payroll employment during 2018. Chemical manufacturing experienced growth and real GDP grew to an annual eight percent since 2014. There was a gain in non-metallic minerals, machinery, and metals which gave a push to the non-energy exports to record levels in October.

Job creation

The economy in Alberta created many jobs in several sectors. Most entrepreneurs had new growth opportunities. Technology sector and petrochemical industries provided attractive opportunities for investments. There will be support in diversification through focused investments which support communities and business and also in non-traditional sectors. The Government continues to support growth across sectors.

There are benefits in it

In the Alberta Investor Tax Credit program $28 million in tax credits was approved, providing support to 200 business establishments and $94 million were invested.  Also the program will create 4,000 jobs in its life. Registration for it is continuous. Similarly, the Capital Investment Tax Credit program is beneficial. Tax credits of the first three rounds support 3,000 jobs directly and 12,000 jobs indirectly. The companies invest $2 billion to build/upgrade facilities. Its next intake will commence in Jan 2019.

Various development measures

The Interactive Digital Media tax credit has the aim of boosting the growth in the digital media. Moreover it will, encourage corporations for staying in the province and also attract talented technological entrepreneurs.  The digital media industry has noteworthy potential for growth, and also makes a contribution of $80 million to the annual GDP. Furthermore, the Digital Media tax credit program will accept applications until the last day of January 2019.

The Community Economic Development Corporation tax credit has the aim to support businesses and investors to work together for facilitating economic development in rural areas. Its Registration is ongoing.

Labor Force Survey of Statistics Canada

As per Labor Force Survey of Statistics Canada, there was an increase of 112,100 in the number of employed persons in Alberta. The employment in Nov 2018, reached 2,358,900 which is a record level.  Its unemployment rate was 6.3 percent in Nov 2018. Alberta also had an impressive export of goods of $98.7 billion during the months of Jan-Oct 2018.  In the Jan-Oct period of 2018, oil production was 548,000 cubic meters. The sales moreover, had an increase of 23.6 percent in the petroleum refining sector.

We also bring the latest facts and figures regarding many sectors. Please contact us for details.

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