Alberta forecasted to lead all provinces in 2017 economic growth; Newfoundland’s recession deepens
If this keeps up, more contractors will head back to Alberta, which has come through a significant slowdown
June 16, 2017 by Steve Payne
Energy-based economies are prone to booms and busts, as we all know.
Alberta, the province to which young contractors from the east migrated in droves until 2 years ago, went into a bit of an economic funk when world oil prices plunged starting in 2015.
Now, “new capacity” in the province’s oil production – and rising oil prices – are making economists sing the praises of Wild Rose Country once again.
Oh, and the rebuilding efforts at Fort McMurray are adding to the province’s economic growth, too.
The Conference Board of Canada, in this report, forecasts Alberta will lead the country in economic growth this year – a healthy 3.3 per cent GDP uptick.
British Columbia and Saskatchewan are next hottest, both with a predicted 2.5 per cent GDP growth.
All other provinces are seeing economic growth, too, with the exception of Newfoundland and Labrador, contracting by a predicted 3.0 per cent.