Alberta shows unprecedented economic growth
This is despite the enormous costs of disaster relief.
The Alberta government has reported on its economic progress. The speech is timed to coincide with the midpoint of the budget year, which ends in March 2024.
The report was a welcome development for the province. Given the current pace of growth in its economy, Treasury is projecting a surplus of CA$ 5.5 billion by the end of the reporting period — CA$ 3.2 billion more than expected when the budget was planned in February.
"Our second-quarter fiscal update is another positive report, showing strength in Alberta’s finances and economy and positioning us for future growth and prosperity," commented provincial Finance Minister Nate Horner.
Through and through
The reason for this sharp economic growth is high bitumen royalties and higher personal and corporate income taxes. In addition, total resource revenue is projected at CA$ 19.7 billion, which is CA$ 1.3 billion higher than the starting budget forecast. Cumulatively, annual revenue is expected to be CA$ 74.3 billion with expenditures of CA$ 68.8 billion.
The main non-projected expenditure items, however, are the repayment of the provincial debt burden (CA$ 3.2 billion) and the costs of natural disasters and emergencies (CA$ 1.2 billion): forest fires, floods and drought.
Immigration and jobs
Alberta's economy continues to be resilient and further growth is projected over the next three years.
Since the beginning of the year, Alberta has added 78,000 new jobs, including 68,000 full-time jobs. This is driving economic immigration to the region. Alberta welcomed 184,000 people to the region, a 4.1% increase over last year. That number is expected to rise another 2.9% by the 2024 census.
