Alberta isn’t just leading the nation’s economy now – emerging trends promise to carry the province on top through 2014.
TD Economics Bullish on Alberta Economy
The latest report from TD Economics predicts Alberta will lead the nation in 2013 and 2014 and end this year on a high note. Forecasts only predict AB’s GDP to keep on growing, and despite fluctuations in energy prices already boasts twice the national rate of growth in retail sales and wages which just keep growing. Even housing seems bullet proof compared to the rest of the nation and even better things are predicted to come with new energy project in the Edmonton area.
AB to Lead New Canadian Business Boom Era
The latest report from CIBC heralds a new decade of unprecedented business growth in Canada. Alberta may be in second place for new business startups behind British Columbia for now but changing real estate trends are likely to change that. With over half a million new businesses launched in 2012 and another 150,000 expected in the next few years it is likely Canada will only continue to grow as financial powerhouse and financial hub that rivals the old world leaders before the recent crisis. Much of this surge in new startups is now likely to descend on Edmonton as the more attractive, affordable and profitable alternative to Calgary.
All Eyes on Commercial Real Estate
Recent stellar retail figures for Alberta have all eyes focused on retail real estate. The news is continuously full of stories of major new brands expanding and setting up shop in Alberta from Nordstrom to now the ClubSport Hotel brand of Marriott International which is to incorporate 55,000 square feet of retail shopping. While Calgary still attracts some of the most luxurious brands it is common knowledge that Edmonton is increasingly attracting more businesses and is becoming more attractive for business. Plus of course the city is now emerging as the most popular choice among a large percentage of the incoming population from abroad and other provinces. This has been highlighted even further by Edmonton claiming the most spots on the recent Alberta home awards list. While TD Economics’ report only looks forward to 2014/ 2015 periods, Alberta could easily lead the nation for next 10 to 15 years following housing cycles, with Edmonton boasting the most growth in commercial real estate returns.