Alberta's economy in a 'league of its own'

Newfoundland and Labrador's growth unsustainable due to declining population and weak consumer spending
By
|hrreporter.com|Last Updated: 08/22/2006

Alberta's economy is expected to grow by 6.6 per cent in 2006, and high energy prices mean that the torrid pace is unlikely to subside any time soon, according to the Conference Board of Canada.

"Among Canadian provinces, Alberta is in a league of its own," said Marie-Christine Bernard, an associate director with the Conference Board. "With oil prices expected to remain high over the next five years, Alberta's boom is not just a temporary phenomenon. It is a more permanent structural change, which is acting as a magnet for workers from other provinces."

Alberta can expect another strong year in 2007, with gross domestic product (GDP) forecast to grow by four per cent. However, labour shortages are affecting key industries and runaway construction costs could delay capital projects.