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Calgary & Alberta Economy

JonnyCanuck

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The Canadian economy grew @ 3.7% pace in the second quarter, albeit, lots of footnotes to that number. Imagine where GDP would be if the energy sector was contributing as it has in the past. We'd be able to 'out brag' that windbag in the White House.
 

Morshed

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This is a post from the City of Calgary Twitter account...it says Calgary's gdp is growing faster than most other places? I thought our economy been shrinking? Where do you see the current gdp numbers?
 

Surrealplaces

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I'm not sure, but I wonder if they cherry picked the stats at the right time. Edmonton's economic growth has slowed since the election and the freeze on govt jobs, while the rest of Alberta has been slow lately.
This is a post from the City of Calgary Twitter account...it says Calgary's gdp is growing faster than most other places? I thought our economy been shrinking? Where do you see the current gdp numbers?
 

UrbanWarrior

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darwink

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Yeah, we haven't been in recession for 3 years or so, but that doesn't mean we've connected back up to our growth path, which would be when it feels normal again.
 

Social Justice

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Interesting article. It appears they are still banking on the price of oil to rise.

"Expected upticks in the price of oil underpin the optimistic forecast. "For the forecast period, gradual WCS price growth is expected to lift and sustain economic growth," the report says. The city's economists predict that Western Canada Select (WCS) prices will rise steadily from $38 US per barrel in 2019 to $52 US per barrel by 2024.
 

DougB

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It’s only a forecast and not a great one if correct. GDP growth in the high ones barely covers population growth. The City’s statement is highly misleading.
 

Morshed

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Finger Food is opening up in Calgary and expected to hire 200 people by 2023. From the announcement on their website they mention the reasons they are setting up shop here instead of Vancouver. All good. But they mention at the end of the article Calgary is home to 109 head offices! I believe we have more head offices than that!
This is their article with the announcement
https://www.fingerfoodatg.com/views/advanced-technology-centre-calgary/
Then this CBC news from june says we actually have more than 200 head offices here in Calgary:
https://www.cbc.ca/news/canada/calgary/calgary-office-headquarters-1.4999738
I wonder who is right!
 
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Patrick.1980

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JonnyCanuck

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This is devastating news to the industry and to Calgary. One of the largest O&G companies in Canada basing itself in the U.S and changing their name to further distance themselves from Canada. The way it is being reported the announcement makes it sound like they are relocating so no doubt there is going to be a lot of confusion and misunderstanding. Despite what the company is saying, you have to think there will be further job losses, more vacant office space, long term. It will also likely impact local suppliers and other feeder companies.
If this does not reverberate all the way to Ottawa and finally get the industry the attention it needs, nothing will. 😲 😲 😲
 
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Surrealplaces

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Yeah, it's not good news. I'm guessing that to start off with it'll mostly be top executives, and some admin, but over time more and more of the company's operation will shift to the U.S.
 

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