AB Economic Fundamentals 2008-07

[joeiannuzzi]

Say goodbye to simple hellos

It may be hard to say goodbye, but Edmonton is still unsure about how to say hello.

The city is considering saying it with a series of leaning glass towers at city entranceways, but the idea has provoked a mixed reception from the community.

Other cities have gone with a simpler approach.

Calgary recently discarded Hidy and Howdy, its Olympic mascots, at city entrances in favour of a welcome sign that was more reflective of the community`s current mood, said Kelsey Strachan, a spokeswoman for the city.

"It was picked as a way of preserving Calgary`s heritage and representing the future," she said, noting that Hidy and Howdy represented an event from two decades ago.

The new sign has a simple layout with a cowboy hat outlined in red. The city`s slogan -- Heart of the New West -- is also featured.

http://www.canada.com/edmontonjournal/news...43-b9d59185badf

 

[joeiannuzzi]

Upstart enters power fray

EDMONTON - A three-way race to build Alberta`s next power station is developing as a new private contender challenges projects by city-owned Edmonton and Calgary utilities.

Bow City Power Ltd. is proposing a 1,000-megawatt plant billed as sure to run cleaner than Epcor Utilities Inc.`s coal plants and cheaper than Enmax Corp.`s proposed natural gas-fired generator.

"This isn`t even a David-and-Goliath story," Bow City president Brian Bietz joked in an interview after admitting his firm is a tiny upstart compared to 1,240-employee Enmax or Epcor with its staff of 2,800 and 3,400-MW chain of powerhouses. "I`m that little short guy standing behind David."

http://www.canada.com/edmontonjournal/news...32-8c153e6e0f34

 

[joeiannuzzi]

Oilsands upgrades hinge on climate policy -- Statoil

MADRID, Spain - Uncertainty over Canada`s climate change policies is delaying crucial investment decisions in the oilsands, StatoilHydro`s CEO said Wednesday.

Speaking to the World Petroleum Congress, Helge Lund said the lack of a clear carbon-reduction strategy has prompted the company to put off upgrading portion of its integrated oilsands project until 2016, two years later than planned.

"Making an upgrader investment decision is a huge undertaking and the fact that there is uncertainty related to the future regulatory regime, including the cost of CO2, we need more clarity on that before we can make a final decision," he said.

http://www.canada.com/edmontonjournal/news...20-fecb8bb45c91

 

[joeiannuzzi]

Huge arena bills loom

The world`s 538th richest man in the world came out from the shadows yesterday. If only briefly.

He`s expected to be joined soon by the 754th billionaire on the Forbes magazine loaded list.

Between them they will be making a cash call on Alberta taxpayers. The bill is hefty - at least a billion bucks, because, as Edmonton Oilers new owner Daryl Katz explained, "There`s a special opportunity to do great things for the Oilers and great things for the city." Oilers president Pat LaForge, in true chamber of commerce style (Pat doubles as Edmonton C of C president), beat the drum some more.

http://www.edmontonsun.com/News/Alberta/20...051041-sun.html

 

[joeiannuzzi]

Dion seeking Stampede showdown with PM

Liberal Leader Stephane Dion challenged Prime Minister Stephen Harper on Wednesday to an environmental duel worthy of a Wild West showdown: a one-on-one carbon tax policy debate this weekend during the Calgary Stampede.

Dion will throw himself into the line of fire in Calgary as he looks to sell his carbon tax proposal to the oilpatch and Albertans during a stop at the Greatest Outdoor Show on Earth.

In what`s sure to be a weekend of political fireworks, Harper -- along with the NDP and Green party leaders -- will also attend the Stampede, as the schedules and environmental policies of the leaders clash in Cowtown.

http://www.canada.com/calgaryherald/news/s...19-eb1e315f0831

 

[joeiannuzzi]

Parade ready to reclaim 6th Avenue

Crews are putting the finishing touches on a closed block of 6th Avenue S.E. which will open to traffic Friday afternoon for the first time in 11 months.

The block, between Centre Street and 1st Street S.E. ,will open to pedestrians this morning with a Stampede breakfast organized by Tourism Calgary and Calgary Economic Development.

On Friday, the Stampede parade will take its traditional route along the block, although there will be no viewing along that stretch of road.

http://www.canada.com/calgaryherald/news/c...32-7f5bb705d301

 

[joeiannuzzi]

Once-hot housing market feels chill

Calgary`s residential real estate market in the first half of this year has been marked by declining sales, increasing listings and stabilizing sale prices compared with a year ago.

The story in both the single-family home and condominium markets is similar.

For the first six months of 2008, single-family home sales are down by more than 31 per cent compared with the same period a year ago, while condo sales decreased by more than 36 per cent.

http://www.canada.com/calgaryherald/news/c...db-bb8666d5042d

 

[joeiannuzzi]

Energy prices enough to make consumers choke on their lattes

High commodity prices might be good for government coffers, but they are going to hit consumers right where it counts: the wallet.

With gasoline prices nudging $1.50 a litre, consumers are already wincing -- even the discretionary expense of a fancy coffee is on the chopping block.

Small wonder Starbucks is going to close some 600 stores, but that`s not where it`s going to end.

http://www.canada.com/calgaryherald/news/c...45-0dbe2d396aeb

 

[joeiannuzzi]

Long Lake to reach capacity by 2010

Synthetic crude producer Nexen Inc. said its Long Lake oilsands project will reach full capacity by the end of 2009.

The company is now pumping 10,000 barrels a day of bitumen, a heavy oil extracted from tar-like deposits in northern Alberta. The project will reach 70,000-barrel-a-day capacity in a year and a half, said John Birdgeneau, a vice-president at Nexen. That output can produce 60,000 barrels per day of synthetic crude.

http://www.canada.com/calgaryherald/news/c...4d-2846b4b8bb8d

 

[joeiannuzzi]

Affordable housing units planned for Rocky

Rocky Mountain House is planning to build six housing units to help ease a shortage of affordable homes.

The town is waiting word from the province on a grant application that would cover 70 per cent of the project`s cost, said Todd Becker, Rocky`s director of special projects. The town would cover the remaining 30 per cent.

A cost estimate for the project has not been completed, but the two- and three-bedroom units are expected to cost more than $600,000 in total to build.

http://www.albertalocalnews.com/reddeeradv..._for_Rocky.html

 

[joeiannuzzi]

Downtown businesses create SMILE

Helen Bricker and Laura Cadrin marvel at the throngs of people who gather at Red Deer`s public market every Saturday.

And they muse about those crowds moving a few blocks north to the city`s downtown core.

"What if we had that in front of the store — five, six people deep?" said Bricker, who owns Hempire at 4930A Ross St.

"It would be amazing."

http://www.albertalocalnews.com/reddeeradv...eate_SMILE.html

 

[joeiannuzzi]

City`s commercial tax rate ranks second in province

Despite a study indicating Lethbridge has the second-highest commercial tax rate among cities in Alberta, local officials say it`s still an attractive place for business.
Lethbridge is second only to Edmonton in terms of municipal commercial tax rates, according to the study of property tax fairness, released Thursday by the Canadian Federation of Independent Business. In 2007, Lethbridge charged $1,704 per $100,000 of assessed property value, the study says, while Edmonton charged $1,825. Medicine Hat and Red Deer, meanwhile, charged $1,397 and $1,305 respectively, according to the study.
Competitive land prices, however, still make Lethbridge one of the best values in the province for businesses, says Cheryl Dick, chief executive officer of Economic Development Lethbridge.
"We`re still getting our fair share of new business," she says. "We`re not getting the feedback that (commercial tax rates) are a barrier causing them to go elsewhere."

http://www.lethbridgeherald.com/article_11257.php

 

[joeiannuzzi]

City landmark close to reopening

The Monarch Theater is one step closer to being reopened after a meeting last night of stakeholders came to the consensus that an attempt to purchase the downtown landmark would be in the city`s interest.

The 90-year-old Art Deco building has been for sale since shutting down last year but has since seen a resurgence in interest after the City Centre Development Agency began to talk about taking over the site.

Chair of the CCDA, Dave Brown, said last night`s meeting indicated that city officials, public interest groups and downtown businesses are all on board in trying to reopen the theater.

http://www.mdhnews.com/content/view/32022/65/

 

[joeiannuzzi]

Edmonton now a buyers` market as house prices level off

EDMONTON - Like an old-time Western, buyers and sellers in the city`s cooling housing market are at a standoff, fingers dangling over their pricing trigger in the battle for the final selling price.

But it`s still a buyer`s market since almost all homes sold for less than their list price last month, some with three-to-four-per-cent discounts, according to figures released Thursday by the Realtors Association of Edmonton.

A single-family home sold for an average price of $381,384, down 8.6 per cent from June last year. Homes spent an average of 55 days on the market, up two days from May.

http://www.canada.com/edmontonjournal/news...8b-533ba68c99ac

 

[joeiannuzzi]

High gasoline prices push commuters to trade cars for bikes

There have always been a few hardy commuters willing to forgo the comfort and safety of a car in favour of a bicycle, but in the face of ballooning gas prices their numbers are growing dramatically and that has proven a boon for manufacturers and retailers.

"People are concerned about fuel costs, and they`re looking for substitute transportation," said Usman Valiante, a spokesman for the Bicycle Trade Association of Canada. "So, definitely, bike sales are going through the roof."

http://www.canada.com/edmontonjournal/news...ae-63da8b1c4b68

 

[joeiannuzzi]

ATCO building camp for 20,000

Calgary`s ATCO Ltd. unveiled plans Thursday for its largest housing project ever, a 20,000-person construction village for workers building the almost $30-billion Saadiyat Island resort in the United Arab Emirates.

"It is by far the largest camp ATCO`s done," said Michael Shaw, the company`s managing director of global enterprises and corporate development.

Although Shaw would not provide exact figures, the project is estimated to be worth hundreds of millions of dollars and opens the door to further opportunities in the oil-rich Middle East.

http://www.canada.com/calgaryherald/news/s...c4-bf123a7c08c8

 

[joeiannuzzi]

6th Avenue back in action

They said it couldn`t be done.

More than a year ago, the pitch was made to close down a block of 6th Avenue, a major route through the downtown that carries almost 20,000 vehicles a day.

To build the much-anticipated Bow tower, the future offices of EnCana Corp., developer Matthews Southwest proposed a unique construction plan. It wanted to dig a six-storey hole in the ground between 5th and 7th avenues for the parkade, which entailed destroying the block of 6th Avenue between 1st Street S.E. and Centre Street.

http://www.canada.com/calgaryherald/news/s...6e-86e48e3ffe2d

 

[joeiannuzzi]

India plans billions for oilsands foray
Energy Elite Meet in Madrid

The Herald`s Shaun Polczer reports from Spain as the world`s energy superpowers gather this week for the 19th World Petroleum Congress in the wake of runaway oil prices.

- - -

After two years of wandering the oilsands wilderness hunting down acquisitions, India plans to pull the trigger on a multibillion-dollar deal this year, government officials told the World Petroleum Congress on Thursday.

"Indeed, we are going to get more actively engaged in the Canadian tarsands in the next six months, we are looking at opportunities," said Shri M.S. Srinivasan, India`s secretary of petroleum and natural gas.

He said India would prefer to acquire assets over producing companies on a magnitude of "at least" $2 billion to $2.5 billion.

http://www.canada.com/calgaryherald/news/c...8b-21c30bc92b37

 

[joeiannuzzi]

Taxpayer exodus feared

Calgary is squeezing small businesses so tightly with its tax regime, industry may start looking for more accommodating cities on the periphery, warns the Canadian Federation of Independent Business.

Danielle Smith of the CFIB said a new agency report looking at property tax fairness in Alberta suggests Calgary is targeting commercial properties with unreasonably high taxes compared to their residential counterparts, paying more than five times as much when business taxes are added to the mix. She said with soaring costs for energy and other expenses, the city is choking the life out of its private sector, raising the spectre of an industrial exodus.

http://calsun.canoe.ca/News/Alberta/2008/0...062766-sun.html

 

[GlennLasiuta]

City population up 2.46 per cent since 2007
July 3, 2008

(Red Deer, Alberta) – Red Deer is home to 2,111 new residents – an increase of 2.46 per cent over 2007. The increase brings Red Deer`s total population to 87,816.

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