September 2011 Alberta Economic Fundamentals
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Alberta tops job growth
Alberta was the top-performing job market in North America in the five years to 2010, with the Prairies also shining, according to a new report by the Fraser Institute that also warns strong unions and high public sector employment may drag on Canada's growth.
Alberta came out on top in terms of total employment growth and employment growth in the private sector. It came out second for the speed with which unemployed workers find a new job.
Saskatchewan came second in Canada for the second year and overtook Alaska to take second spot overall among North American provinces and states. Manitoba was third and British Columbia slipped slightly to fourth in Canada from third last year.
Read the full article here.
Alberta was the top-performing job market in North America in the five years to 2010, with the Prairies also shining, according to a new report by the Fraser Institute that also warns strong unions and high public sector employment may drag on Canada's growth.
Alberta came out on top in terms of total employment growth and employment growth in the private sector. It came out second for the speed with which unemployed workers find a new job.
Saskatchewan came second in Canada for the second year and overtook Alaska to take second spot overall among North American provinces and states. Manitoba was third and British Columbia slipped slightly to fourth in Canada from third last year.
Read the full article here.
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U.S. focus on job creation bolsters Keystone bid
The Obama administration on Friday halted new emissions rules in a surprise strategy shift observers say suggests the White House is likely to approve Trans Canada Corp.'s Keystone XL pipeline.
Obama, citing the need to reduce the regulatory burden on business and encourage employment growth, reversed course on a key policy measure that would have limited smog pollution from power generators and factories.
The president's decision followed the same-day release of U.S. Labor Department figures showing U.S. job gains ground to a halt last month, with the jobless rate stuck at 9.1 per cent.
Read the full article here.
The Obama administration on Friday halted new emissions rules in a surprise strategy shift observers say suggests the White House is likely to approve Trans Canada Corp.'s Keystone XL pipeline.
Obama, citing the need to reduce the regulatory burden on business and encourage employment growth, reversed course on a key policy measure that would have limited smog pollution from power generators and factories.
The president's decision followed the same-day release of U.S. Labor Department figures showing U.S. job gains ground to a halt last month, with the jobless rate stuck at 9.1 per cent.
Read the full article here.
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New University of Calgary residence filled to capacity the day it opens
CALGARY ` Days before the grounds of the University of Calgary residence was beset with weeping parents and wide-eyed first year students, cleaning staff polished the gleaming grey floors of the still pristine Yamnuska Hall.
An early student wandered in carrying a mattress pad, extra toilet paper and candied oatmeal.
Otherwise, the U of C`s newest residence ` a modern edifice modelled after the neutral tones of a building first erected at the University of Manitoba ` looked as if it were abandoned.
Read the full article here.
CALGARY ` Days before the grounds of the University of Calgary residence was beset with weeping parents and wide-eyed first year students, cleaning staff polished the gleaming grey floors of the still pristine Yamnuska Hall.
An early student wandered in carrying a mattress pad, extra toilet paper and candied oatmeal.
Otherwise, the U of C`s newest residence ` a modern edifice modelled after the neutral tones of a building first erected at the University of Manitoba ` looked as if it were abandoned.
Read the full article here.
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New grads snapped up by worker-hungry oil patch
CALGARY ` Shiva Tamana didn`t know much about the oil and gas industry when he and his family, originally from Nepal, moved to Calgary from Toronto at the beginning of the year.
Nine months later, the 34-year-old has just graduated from an innovative industry program and is mulling over job offers to begin his career as a rig hand.
`The future looked bright in the oil and gas industry,` a beaming Tamana said Wednesday. `I am so proud to be part of it, and thankful to be in Canada.`
Read the full article here.
CALGARY ` Shiva Tamana didn`t know much about the oil and gas industry when he and his family, originally from Nepal, moved to Calgary from Toronto at the beginning of the year.
Nine months later, the 34-year-old has just graduated from an innovative industry program and is mulling over job offers to begin his career as a rig hand.
`The future looked bright in the oil and gas industry,` a beaming Tamana said Wednesday. `I am so proud to be part of it, and thankful to be in Canada.`
Read the full article here.
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Alberta leads nation in August job growth
EDMONTON - Alberta gained the most jobs of any province in August, but its unemployment rate still edged upward, according to Statistics Canada Friday.
The federal agency said employment increased in Alberta by 6,600 from the previous month, but the seasonally adjusted unemployment rate rose 0.1 percentage points to 5.6 per cent during the same period.
Alberta`s labour force ` the people available for work ` swelled by 9,700 from July, more than offsetting the job gains.
Statistics Canada also delivered good news about the province`s longer-term labour picture.
Read the full article here.
EDMONTON - Alberta gained the most jobs of any province in August, but its unemployment rate still edged upward, according to Statistics Canada Friday.
The federal agency said employment increased in Alberta by 6,600 from the previous month, but the seasonally adjusted unemployment rate rose 0.1 percentage points to 5.6 per cent during the same period.
Alberta`s labour force ` the people available for work ` swelled by 9,700 from July, more than offsetting the job gains.
Statistics Canada also delivered good news about the province`s longer-term labour picture.
Read the full article here.
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Effects of 9/11 among factors that lead to Alberta's resurgence
EDMONTON ` On the morning of Sept. 11, 2001, Eric Newell was jarred from his slumber by a ringing telephone.
Newell had checked into a Chicago hotel the night before, with plans to attend his son`s wedding a few days later.
`Get up Dad, and turn on the TV,` his son instructed. Newell, then CEO of Syncrude Canada, the country`s largest oil producer, wearily complied.
Like millions of others, he was stunned by what he saw ` images of two jet planes slamming into the Twin Towers of New York`s World Trade Center. Within hours, the buildings collapsed, killing nearly 3,000 people
Read the full article here.
EDMONTON ` On the morning of Sept. 11, 2001, Eric Newell was jarred from his slumber by a ringing telephone.
Newell had checked into a Chicago hotel the night before, with plans to attend his son`s wedding a few days later.
`Get up Dad, and turn on the TV,` his son instructed. Newell, then CEO of Syncrude Canada, the country`s largest oil producer, wearily complied.
Like millions of others, he was stunned by what he saw ` images of two jet planes slamming into the Twin Towers of New York`s World Trade Center. Within hours, the buildings collapsed, killing nearly 3,000 people
Read the full article here.
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Oilsands enter spotlight as U.S. searches for secure energy
EDMONTON - On the morning of Sept. 11, 2001, Eric Newell was jarred from his slumber by a ringing telephone.
Newell had checked into a Chicago hotel the night before, with plans to attend his son`s wedding a few days later.
`Get up dad, and turn on the TV,` his son instructed. Newell, then CEO of Syncrude Canada, the country`s largest oil producer, wearily complied.
Like millions of others, he was stunned by what he saw ` images of two jet planes slamming into the twin towers of New York`s World Trade Center. Within hours the buildings collapsed, killing nearly 3,000 people.
Read the full article here.
EDMONTON - On the morning of Sept. 11, 2001, Eric Newell was jarred from his slumber by a ringing telephone.
Newell had checked into a Chicago hotel the night before, with plans to attend his son`s wedding a few days later.
`Get up dad, and turn on the TV,` his son instructed. Newell, then CEO of Syncrude Canada, the country`s largest oil producer, wearily complied.
Like millions of others, he was stunned by what he saw ` images of two jet planes slamming into the twin towers of New York`s World Trade Center. Within hours the buildings collapsed, killing nearly 3,000 people.
Read the full article here.
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Alberta's successful economy driven by oil
It's no secret that new job opportunities have been relatively scarce throughout Canada since the recession hit in 2008, yet Alberta's economy is currently growing towards another boom in the midst of other provinces struggling.
Statistics Canada's preliminary population estimates revealed that Alberta tallied the fastest growth rate in Canada in the first quarter of the year, with its net inflow from other provinces hitting the highest level for a first quarter in five years.
Alberta saw a net inflow of 5,275 people in the first quarter of 2011, mainly coming from Newfoundland, Saskatchewan, British Columbia and Ontario.
Read the full article here.
It's no secret that new job opportunities have been relatively scarce throughout Canada since the recession hit in 2008, yet Alberta's economy is currently growing towards another boom in the midst of other provinces struggling.
Statistics Canada's preliminary population estimates revealed that Alberta tallied the fastest growth rate in Canada in the first quarter of the year, with its net inflow from other provinces hitting the highest level for a first quarter in five years.
Alberta saw a net inflow of 5,275 people in the first quarter of 2011, mainly coming from Newfoundland, Saskatchewan, British Columbia and Ontario.
Read the full article here.
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Former Alberta premier opposes Keystone pipeline
The former premier of Alberta says he doesn`t support the proposed Keystone XL pipeline project because it will take away jobs from Albertans.
I would prefer`we process the bitumen from the oilsands in Alberta and that would create a lot of jobs and job activity,` Peter Lougheed told CBC morning radio talkshow host Anna Maria Tremonti. `That would be a better thing to do than merely send the raw bitumen down the pipeline and they refine it in Texas that means thousands of new jobs in Texas.`
In opposing the pipeline that would carry Canadian oilsands crude south to US refineries, Lougheed joins a chorus of opposition from environmental groups and a number of high-profile celebrities who have demonstrated recently in front of the White House in hopes of persuading President Barack Obamba to kill the project.
Read the full article here.
The former premier of Alberta says he doesn`t support the proposed Keystone XL pipeline project because it will take away jobs from Albertans.
I would prefer`we process the bitumen from the oilsands in Alberta and that would create a lot of jobs and job activity,` Peter Lougheed told CBC morning radio talkshow host Anna Maria Tremonti. `That would be a better thing to do than merely send the raw bitumen down the pipeline and they refine it in Texas that means thousands of new jobs in Texas.`
In opposing the pipeline that would carry Canadian oilsands crude south to US refineries, Lougheed joins a chorus of opposition from environmental groups and a number of high-profile celebrities who have demonstrated recently in front of the White House in hopes of persuading President Barack Obamba to kill the project.
Read the full article here.
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Pipeline essential to Alberta: TD economist
Alberta should build more valueadded industry as it develops its oilsands resources, but it still needs to improve pipeline access to the United States for its raw bitumen, cautions a senior Canadian economist.
In particular, failing to build the controversial Keystone XL pipeline to export bitumen to the U.S. Gulf Coast would result in stranded resources and lower prices for Alberta products, TD's deputy chief economist Derek Burleton said in a research report.
Burleton agrees, to a point, with comments this week by former Alberta premier Peter Lougheed, who said he opposes shipping raw bitumen to the United States, arguing that building new upgrading capacity in the province will result in jobs and economic benefits.
Read the full article here.
Alberta should build more valueadded industry as it develops its oilsands resources, but it still needs to improve pipeline access to the United States for its raw bitumen, cautions a senior Canadian economist.
In particular, failing to build the controversial Keystone XL pipeline to export bitumen to the U.S. Gulf Coast would result in stranded resources and lower prices for Alberta products, TD's deputy chief economist Derek Burleton said in a research report.
Burleton agrees, to a point, with comments this week by former Alberta premier Peter Lougheed, who said he opposes shipping raw bitumen to the United States, arguing that building new upgrading capacity in the province will result in jobs and economic benefits.
Read the full article here.
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The business case set for public transit
Arguments in favour of expanding rail transit typically focus on environmental and social benefits; looking out for the little guy while cutting greenhouse gas emissions makes for sound political strategy. But the biggest beneficiary of the new LRT lines in Edmonton and Calgary might be business owners in both cities.
`Ease of movement is a key requirement for a world-class city, period,` says Ben Brunnen, chief economist at the Calgary Chamber of Commerce. `That`s what businesses care about: they care about moving their people to and from the workplace; they care about moving their goods throughout the city.` Though a precise return on investment is impossible to calculate, experts say investment in transit can multiply productivity not just for businesses near major transit hubs but across entire cities.
Calgary`s new six-station line through the west of the city and Edmonton`s new route from Churchill Square to NAIT will help move tens of thousands of people a day. The lines will also raise property values along their routes and increase pedestrian traffic at businesses near stations. They will also make Edmonton and Calgary more efficient. As Brunnen points out, more commuting by train means fewer cars on the road, and reduced traffic congestion benefits businesses across the city. `In Calgary right now, the average round trip from home to work is 52 minutes, and that`s down from 66 minutes in 2005,` he says.
Read the full article here.
Arguments in favour of expanding rail transit typically focus on environmental and social benefits; looking out for the little guy while cutting greenhouse gas emissions makes for sound political strategy. But the biggest beneficiary of the new LRT lines in Edmonton and Calgary might be business owners in both cities.
`Ease of movement is a key requirement for a world-class city, period,` says Ben Brunnen, chief economist at the Calgary Chamber of Commerce. `That`s what businesses care about: they care about moving their people to and from the workplace; they care about moving their goods throughout the city.` Though a precise return on investment is impossible to calculate, experts say investment in transit can multiply productivity not just for businesses near major transit hubs but across entire cities.
Calgary`s new six-station line through the west of the city and Edmonton`s new route from Churchill Square to NAIT will help move tens of thousands of people a day. The lines will also raise property values along their routes and increase pedestrian traffic at businesses near stations. They will also make Edmonton and Calgary more efficient. As Brunnen points out, more commuting by train means fewer cars on the road, and reduced traffic congestion benefits businesses across the city. `In Calgary right now, the average round trip from home to work is 52 minutes, and that`s down from 66 minutes in 2005,` he says.
Read the full article here.
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Oilsands pipeline will cost Canadians jobs
The "grand old man" of the Alberta Progressive Conservative party, Peter Lougheed, is on record as opposing the Keystone XL pipeline. He says that exporting bitumen kills jobs in Alberta, and that we are not getting the best value for our buck by exporting the raw material. Alberta should be refining the product at home.
For example, every time Canada exports 400,000 barrels of raw bitumen, economists calculate that the nation sends approximately 18,000 upgrading and refining jobs abroad and reduces Canada's GDP by 0.2 per cent.
Read the full article here.
The "grand old man" of the Alberta Progressive Conservative party, Peter Lougheed, is on record as opposing the Keystone XL pipeline. He says that exporting bitumen kills jobs in Alberta, and that we are not getting the best value for our buck by exporting the raw material. Alberta should be refining the product at home.
For example, every time Canada exports 400,000 barrels of raw bitumen, economists calculate that the nation sends approximately 18,000 upgrading and refining jobs abroad and reduces Canada's GDP by 0.2 per cent.
Read the full article here.
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Husky sanctions $6.5 billion Chinese gas project
CALGARY ` Husky Energy Inc. sanctioned its $6.5-billion Liwan gas project offshore China on Monday, aiming to supply as much as 500 million cubic feet of gas per day to the Chinese market.
Husky`s share of the project will be $2.9 billion, said spokeswoman Colleen McConnell, with the remainder coming from partner China National Offshore Oil Corp. Husky will be the operator and 49 per cent owner.
The Calgary-based integrated company controlled by Hong Kong billionaire Li-Ka Shing said the project includes the development of three gas fields about 300 kilometres southeast of Hong Kong.
Read the full article here.
CALGARY ` Husky Energy Inc. sanctioned its $6.5-billion Liwan gas project offshore China on Monday, aiming to supply as much as 500 million cubic feet of gas per day to the Chinese market.
Husky`s share of the project will be $2.9 billion, said spokeswoman Colleen McConnell, with the remainder coming from partner China National Offshore Oil Corp. Husky will be the operator and 49 per cent owner.
The Calgary-based integrated company controlled by Hong Kong billionaire Li-Ka Shing said the project includes the development of three gas fields about 300 kilometres southeast of Hong Kong.
Read the full article here.
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Another Calgary condo boom coming?
CALGARY ` Are we looking at another residential condominium boom in the city?
This weekend two high-profile projects launch sales initiatives on the next phases of their developments to capture the renewed interest in the market.
Keynote Urban Village is opening its doors Saturday to a new show suite for its Residential Tower Two project in the east Beltline area while University City on Saturday and Sunday is having a VIP launch for a select group of people for its Building 3 project at the Brentwood LRT Station.
Read the full article here.
CALGARY ` Are we looking at another residential condominium boom in the city?
This weekend two high-profile projects launch sales initiatives on the next phases of their developments to capture the renewed interest in the market.
Keynote Urban Village is opening its doors Saturday to a new show suite for its Residential Tower Two project in the east Beltline area while University City on Saturday and Sunday is having a VIP launch for a select group of people for its Building 3 project at the Brentwood LRT Station.
Read the full article here.
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Demand strong for Calgary office space
CALGARY ` Demand for office space in the Calgary market continues to be strong with the downtown vacancy rate experiencing a significant drop.
According to Cushman & Wakefield`s Q3 National Office Trends Report, released Friday, Calgary was one of the few cities that continued to see strong demand biased toward central markets.
`Calgary had increased activity over the summer months across the downtown market driven by companies trying to lock down space while space is available,` said the report. `Calgary`s downtown area is characterized by large energy companies and when demand is strong, the market erodes space very quickly.
Read the full article here.
CALGARY ` Demand for office space in the Calgary market continues to be strong with the downtown vacancy rate experiencing a significant drop.
According to Cushman & Wakefield`s Q3 National Office Trends Report, released Friday, Calgary was one of the few cities that continued to see strong demand biased toward central markets.
`Calgary had increased activity over the summer months across the downtown market driven by companies trying to lock down space while space is available,` said the report. `Calgary`s downtown area is characterized by large energy companies and when demand is strong, the market erodes space very quickly.
Read the full article here.
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Welcome to Alberta, Americans
The economic news south of the border is grim.
While Alberta has an unemployment rate of roughly five per cent, the U.S. unemployment rate is a little over nine per cent.
That's only part of the story. California had an August unemployment rate of 12.1 per cent. In Nevada, it's 13.4 per cent. Florida, Georgia, Rhode Island, Michigan, North and South Carolina - all have double-digit unemployment. Even Texas, long an economic powerhouse, has an 8.5-per-cent jobless rate. Here, our economic issues are the opposite. Some 30 per cent of Albertans work in occupational categories that are already facing labour shortages. We're shy of everything from long-haul truckers to nurses. Skilled trades shortages will only get worse as recently announced major construction projects, public and private, come on line.
Read the full article here.
The economic news south of the border is grim.
While Alberta has an unemployment rate of roughly five per cent, the U.S. unemployment rate is a little over nine per cent.
That's only part of the story. California had an August unemployment rate of 12.1 per cent. In Nevada, it's 13.4 per cent. Florida, Georgia, Rhode Island, Michigan, North and South Carolina - all have double-digit unemployment. Even Texas, long an economic powerhouse, has an 8.5-per-cent jobless rate. Here, our economic issues are the opposite. Some 30 per cent of Albertans work in occupational categories that are already facing labour shortages. We're shy of everything from long-haul truckers to nurses. Skilled trades shortages will only get worse as recently announced major construction projects, public and private, come on line.
Read the full article here.