Maple News reports that Alberta continues to outpace other Canadian provinces in key economic measures, according to a recent forecast from TD. Despite facing setbacks earlier in 2023 — including a 15% drop in oil production due to wildfires and scheduled maintenance — Alberta remains on top in terms of gross domestic product (GDP) growth. Recovery in the second half of the year, especially in the energy sector, is expected to boost economic momentum well into 2024, even as the long-anticipated Trans Mountain Pipeline awaits completion.
The report from TD Bank analyzes seven key indicators across each province, including changes in real and nominal GDP, employment and unemployment rates, housing starts, and trends in home prices and sales. Alberta’s performance in nearly every area positions it as one of the most resilient provincial economies in Canada.
One significant driver of Alberta’s economic resilience is its housing market. Affordable housing and solid job prospects have made the province a magnet for newcomers — both internationally and interprovincially. Interprovincial migration now accounts for roughly 30% of Alberta’s newcomers, fueling demand in the real estate sector and contributing to sustained housing starts.
Labour market conditions in Alberta also stand out. As of 2023, the province shows the second-highest employment growth in the country, just behind Prince Edward Island. A stable unemployment rate suggests that new jobs are roughly keeping pace with an expanding labour force. However, the recent softening in job vacancy rates points to diminishing labour demand, potentially signaling slower hiring in the near term.
TD’s full forecast serves as an early signal for policymakers and investors looking to better understand provincial trends heading into 2024. Alberta’s combination of economic revival, attractive housing, and labour market dynamism make it a key province to watch — not just for economists, but also for those considering immigration or relocation.
With Alberta leading in growth and showing enduring economic strength, these insights underscore how regional factors can play a vital role in shaping Canada’s larger economic and immigration landscape.
Maple News will continue to provide updates as provincial data evolves and new trends emerge in Canada’s economic and immigration environment.