Alberta Economic Fundamentals

[joeiannuzzi]

As the only debt free jurisdiction in North America with enormous oil reserves, Alberta is a dynamic environment in which billions of dollars are pouring in. Please post your economic updates in this thread so we can all be informed.

 

[joeiannuzzi]

Housing prices hold steady

Edmonton housing prices stalled in February as the number of homes up for sale multiplied four-fold compared to a year ago. A monthly report by the Realtors Association of Edmonton described the market Tuesday as "unwavering" in making a return to "normal" price stability after two years of rapid increases in 2006 and `07.

Single family houses fetched an average $381,965 in February. The figure was up only six-tenths of one per cent from January and 1.8 per cent from February of 2007.

http://www.canada.com/edmontonjournal/news...87-7deeb7d0692f

 

[joeiannuzzi]

Mining, oil and gas power Alberta job growth


Mining and oil and gas led the way as Alberta`s 2.9-per-cent per year employment growth topped the country from 2001 through 2006, new census figures show. The province added 251,100 workers over the five years to reach 1,859,965, with those two sectors accounting for 47,385, followed by construction with 39,655, professional, scientific and technical services with 27,000, and health and social assistance workers at 25,200.

http://www.canada.com/edmontonjournal/news...4c-706d9ef69b78

 

[joeiannuzzi]

Red Deer tops nation in employment

It`s no surprise to any employer who`s had to import workers from as far as Africa to fill job vacancies.

But Red Deer had the top employment rate in the country in 2006 and also led all of Canada in employment growth, according to the latest Statistics Canada census results.

Red Deer`s employment rate was 73.5 per cent when the latest census was taken two years ago. This is higher than Alberta`s employment rate of 70.9 per cent and Canada`s rate of 62.4 per cent.

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

 

[joeiannuzzi]

Alberta smartening up



There`s a brain-drain going on in Canada and the pipeline leads straight to oil-rich Alberta.

Such is the picture painted by 2006 census numbers released yesterday by Statistics Canada.

The data show the province is reaping the rewards of its booming economy through an influx of the best and the brightest from elsewhere in the country.

Alberta had a net increase of 28,000 post-secondary graduates between 2001 and 2006 -- 7,500 from Saskatchewan, 7,200 from Ontario and 6,575 from the Atlantic provinces. The fact that, in all, more than one-in-five of Alberta`s post-secondary grads studied outside the province reflects the magnetizing effect of its hot economy, said Elsbeth Mehrer, manager of workforce development for Calgary Economic Development.

http://calsun.canoe.ca/News/Alberta/2008/0...912426-sun.html

 

[joeiannuzzi]

Oil rig drilling sets record


Oil-related drilling activity has soared to its highest level ever in Western Canada as the oilpatch scrambles to cash in on record prices before the spring thaw turns frozen muskeg to mush.

More than 50 rigs joined a mad rush in February as the number of active rigs chasing crude in Alberta, Saskatchewan and British Columbia reached a record 300 by March 1, said CIBC World Markets in a report Wednesday.

http://www.canada.com/calgaryherald/news/c...ed-b68726293080

 

[joeiannuzzi]

Get ready for oil at Us$150

This week`s victory by Premier Ed Stelmach in Alberta, over the objection of the oil industry, is another predictor for $150-a-barrel oil by 2010.

Alberta was the type of political event that one analyst has dubbed "reverse elasticity" --or the fact that high oil prices feed on themselves because they actually lead to a reduction in supplies, or new taxes on production, which slows down exploitation. This stands on its head the free market`s idea that higher prices always result in more supplies, thus correcting high prices downward.

http://www.nationalpost.com/opinion/column....html?id=356569

 

[markl]

Joe you missed this article in the Globe.

I would show this in every one of my offers so they accepted my price Kyoto is back

Kyoto thing was a joke BTW

http://www.theglobeandmail.com/servlet/sto...ory/energy/home

 

[joeiannuzzi]

Thanks Mark. I usually get around to the Globe and Mail articles later in the day. I do have another one which everyone should be aware of.

Calgary woman arrested in rental scam

Police have arrested a Calgary woman wanted in connection with a rental scam that swindled 12 people out of thousands of dollars. Between May and December 2007, the suspect fraudulently collected more than $15,000 in damage deposits and rent for two southwest Calgary homes she didn`t own.

http://www.canada.com/calgaryherald/news/s...1373&k=3396

 

[joeiannuzzi]

$100 reality sinks in

It was only a matter of time -- after oil firmly breached the $100 US mark -- that price forecasts for the commodity were raised to reflect the new world.

First out of the gates this week was ARC Financial`s chief energy economist, Peter Tertzakian, who boosted the private equity firm`s forecast for oil to $100 per barrel for 2008. Jeff Rubin at CIBC World Markets joined the party on Tuesday, raising his firm`s price by $5 to the century mark for 2008 and bumping it to $110 for 2009.

http://www.canada.com/calgaryherald/news/c...63-9f5237f895ba

 

[joeiannuzzi]

Get ready for $1.30-a-litre gas this summer

Record high oil prices and refinery outages in Alberta will combine to inflate a dreaded spring-time phenomena -- higher prices at the pump, experts are predicting. City dwellers can expect gasoline prices to increase at least 10 cents to 20 cents a litre in time for the driving season in May, with some analysts predicting a $1.30-a-litre average for Canada this summer.

In Calgary Thursday drivers were paying an average $1.079 a litre, according to GasBuddy.com, with highs of around $1.099 a litre, just a penny more than Edmonton. And prices could shoot up to $1.40 a litre if an active hurricane season in the U.S. Gulf Coast disrupts supplies.

http://www.canada.com/edmontonjournal/news...f4-99f9187651aa

 

[joeiannuzzi]

Jasper Avenue eyesore irks Mandel

With all the progress in downtown Edmonton in recent years, one eyesore still bothers Mayor Stephen Mandel.

It`s a boarded-up storefront building on Jasper Avenue east of 104th Street, a building that`s been unoccupied for years.

"This is really horrific," the mayor said at a meeting of council`s executive committee Wednesday. "It`s a blight on our downtown area."

http://www.canada.com/edmontonjournal/news...0e7&k=71788

 

[joeiannuzzi]

City`s housing industry still alive and well

Lest someone should think the worst, relax, the bottom hasn`t fallen out of the Calgary housing market.

In recent months, we`ve heard words and terms like erosion, unsustainable, fire-sale pricing and market correction to describe what`s happening in all sectors of the city`s housing industry.

To one degree or another, the above words and phrases may be correct. But in general, Calgary`s resale and new housing sectors are still alive and well.

http://www.canada.com/calgaryherald/news/n...1a-03cf63a27ad5

 

[joeiannuzzi]

Calgary labour crunch getting worse

Unrelenting economic growth has pushed Calgary`s jobless rate further below three per cent, indicating that widespread labour shortages aren`t only here to stay -- they`re getting worse.

Backed by Statistics Canada figures Friday, experts said competition to find workers is tougher than ever.

http://www.canada.com/calgaryherald/story....k=80563&p=1

 

[joeiannuzzi]

Oilsands take centre stage at Heavy Oil Congress

EDMONTON - In the latest demonstration that the oilsands have gained global renown, about 900 international business and technology leaders are trekking to Edmonton from 40 countries to learn about northern Alberta`s Florida-sized bitumen belt.

The 2008 World Heavy Oil Congress, which runs Monday through Wednesday at the Shaw Conference Centre, also lured 90 equipment and service firms into seeking pieces of the $100-billion-plus Fort McMurray development action at an industrial trade show.

http://www.canada.com/edmontonjournal/news...25-f3d5969ed826

 

[joeiannuzzi]

A short ride east to cheaper prices

Newspaper headlines keep telling us that house prices in Calgary continue to rise with the average price for a single-family home in February at $471,696.

Condominiums are also fetching well over $300,000, which leads me to believe there must be many younger families and seniors who feel they have to buy outside the city.

http://www.canada.com/calgaryherald/news/l...b2-25c87c7a5c76

 

[joeiannuzzi]

Housing prices in Edmonton stall

EDMONTON - Edmonton housing prices stalled in February as the number of homes up for sale multiplied fourfold compared to a year ago.

A monthly report by the Realtors Association of Edmonton described the market as "unwavering" in making a return to "normal" price stability after two years of rapid increases in 2006 and `07.

http://www.canada.com/edmontonjournal/news...04b&k=22868

 

[joeiannuzzi]

Barring traffic on 104th Street difficult


EDMONTON - Barring all traffic on 104th Street north of Jasper Avenue to create a walking street would be difficult, says a new city report.

While the street has many qualities that would suit a pedestrian street, closing off all vehicle traffic would cause delivery problems for businesses along the street, says the report.

http://www.canada.com/edmontonjournal/news...3d7&k=26263

 

[joeiannuzzi]

Area manufacturing picture robust but challenged

There is no doubt the Red Deer region`s manufacturing sector has prospered along with the entire province`s robust economy.

According to the latest manufacturing survey by Red Deer Regional Economic Development (RDRED), high oil prices, keen interest and development in the oil sands, and the Alberta Advantage continue to drive the local economy.

The manufacturing sector is enthusiastically and busy reaping the benefits.

http://www.reddeerexpress.com/express/edit.../mired-001.html

 

[joeiannuzzi]

Natural gas price spike: It`s not a question of if, but when
Currently, there is great pessimism among natural gas producers in Canada. Spot gas prices are down about 40% from their highs of three winters ago and North American storage levels are near their all-time peak. The short-term outlook doesn`t look encouraging.

Two years out, the story will be entirely different. Falling supplies and rising demand are a prescription for healthy price increases down the road. Depletion and less drilling will eventually decrease supply.

http://www.edmontonsun.com/Business/News/2...952436-sun.html