Calgary No. 1 in economic growth, report reveals
A strong energy demand and massive construction propelled both Alberta’s major cities to lead the country’s major centres in economic growth in 2008, a report said yesterday.
The Conference Board of Canada released the numbers yesterday showing Calgary and Edmonton boasting a 4.2 and 4 per cent increase in economic growth for 2008, respectively.
Conference Board economist Greg Sutherland told Metro that Calgary and Edmonton are dominating because of the strong demand for energy.
“Energy demand is the reason. Oil prices are basically at record levels and will be for the next couple years. As long as energy prices stay high and job growth stays the same things will continue to go as well as they have,” Sutherland said yesterday.
“One sector that contributed was the amount of construction in the West, which is better than the East,” he said.
The statistics are released four times a year but only once a year does the board release numbers for all 27 major Canadian centres.