Calgary’s Economy right now
As we near the end of 2013 Calgary’s economy seems to be doing quite well. Oil is hovering over $100 a barrel and Fort McMurray is humming along with many projects still under construction and others just getting into production.
Housing sales are good for both resale and new construction as many new downtown condos are either planned or are already under construction. In addition the downtown office market continues to defy expectations with several more buildings on the drawing board. After the last round of office tower development experts were predicting that there would be a glut of office space with the completion of the Bow and other buildings. However, most of that new space has been absorbed and a new round of construction is set to get underway with the most prominent building being at the old Calgary Herald site where the city’s new tallest building will soon rise higher than the Bow.
The unemployment rate in Calgary sits at around 5.0% which is the second lowest in the country after Saskatoon and Regina. Many companies are a little cautious about hiring with all the uncertainty being caused by the situation in Syria, and the Obama administration’s dithering on a decision about the Keystone pipeline. However many people continue to migrate to Alberta from within Canada, and more international immigrants are choosing to come to Calgary instead of Toronto or Vancouver because they know the job situation is quite good here.
Calgary’s entrepreneurial spirit also helps attract newcomers who would like to be around like minded people and a young population with money to spend on whatever product or service they hope to offer. Growth should continue at around the same pace for the foreseeable future unless something happens to throw the world economy into a tailspin similar to what happened in 2007.