Alberta\u0027s economy is on track to regain 2014 levels of economic activity this year, with the province seeing the most private\u002Dsector economic growth in the country, according to the Business Council of Alberta\u0027s quarterly update.
The boom being experienced in Alberta right now is different from those previously, however, and the report — released Monday — shows there is less capital investment in energy and more growth beyond that sector, explained Alicia Planincic, the manager of policy and economics with the Business Council of Alberta.
“For the first time with this quarterly update, we’re actually seeing that Alberta has really caught up with the rest of the nation. And I think in some ways, it’s actually doing even better than the rest of the nation.”Article content “This is something that’s certainly not unique to Alberta. We are seeing that across the rest of the country and we’re seeing that across most of the globe right now. There are a lot of different dynamics there, but it’s certainly a challenge,” she said.
“I think the main reason has been that we did have a weaker economy going into the pandemic and certainly struggled more even through the pandemic,” said Planincic. “What we’re starting to see is more wage growth here. Looking at the last couple months of data, I would expect Alberta will catch up with other provinces.”“What tends to happen when that’s the case is that employers do ultimately start to pay folks more to attract labour,” said Planincic.
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