By Mario Toneguzzi, Calgary Herald May 6, 2011
Four cities in Saskatchewan and Alberta will occupy the top four spots in the economic growth leaderboard, according to the Spring 2011 edition of The Conference Board of Canada’s Metropolitan Outlook released Thursday.
“Buoyed by the resources and energy sectors, the economies of Saskatoon, Calgary, Regina and Edmonton will post noticeably stronger growth than the other cities covered in this report,” said Mario Lefebvre, Director, Centre for Municipal Studies, for the board.
The report, which looked at 13 Canadian cities, said Saskatoon and Regina are benefiting from strong resource development in the province, while healthy population growth is bolstering the housing markets in both cities. The medium term outlook is also bright, with both economies expected to grow at an even faster pace. Saskatoon’s economy will expand by 4.1 per cent this year, and is expected to remain among the CMA growth leaders through 2013. Regina’s real gross domestic product (GDP) is slated to rise by 3.1 per cent this year.
“A promising outlook for the Alberta energy sector will be a boon for the Calgary and Edmonton economies. Calgary remains the services hub for the province’s energy sector and is forecast to post the second strongest economic growth rate (behind Saskatoon) at 3.4 per cent this year,” said the report.
It also forecast Calgary’s economic growth rate to average 4.1 per cent between 2012-2015.
The conference board said the city’s economy rebounded in 2010, with real gross domestic product growth coming in at 3.2 per cent.
“While output growth was strong in many sectors, the manufacturing, transportation and warehousing, and wholesale and retail trade industries posted the most impressive gains,” said the conference board report. “In 2011, activity in the goods sector is poised to improve once more, mainly thanks to continued strength among local manufacturers.
“Meanwhile, growth in the services sector is expected to be about the same, with fairly solid consumer spending again providing a lift to total services sector output.”
The conference board said energy prices, which have strengthened considerably since the end of last year, are expected to stay strong over the next few months.
“As a matter of fact, oil and gas prices are poised to remain above their historical average over the rest of the forecast horizon (2011 to 2015), further stimulating activity in the oilpatch,” it said.
“The latest estimates show that about $14.2-billion worth of energyrelated projects are now underway in the province. Another roughly $39.1-billion worth of new development has already been announced, while more than $49.7-billion worth of oil and gas projects has been proposed for the future.”
mtoneguzzi@calgaryherald.com
Read more: http://www.calgaryherald.com/business/Saskatchewan+Alberta+lead+growth/4737262/story.html#ixzz1LbKd5vsu
Four cities in Saskatchewan and Alberta will occupy the top four spots in the economic growth leaderboard, according to the Spring 2011 edition of The Conference Board of Canada’s Metropolitan Outlook released Thursday.
“Buoyed by the resources and energy sectors, the economies of Saskatoon, Calgary, Regina and Edmonton will post noticeably stronger growth than the other cities covered in this report,” said Mario Lefebvre, Director, Centre for Municipal Studies, for the board.
The report, which looked at 13 Canadian cities, said Saskatoon and Regina are benefiting from strong resource development in the province, while healthy population growth is bolstering the housing markets in both cities. The medium term outlook is also bright, with both economies expected to grow at an even faster pace. Saskatoon’s economy will expand by 4.1 per cent this year, and is expected to remain among the CMA growth leaders through 2013. Regina’s real gross domestic product (GDP) is slated to rise by 3.1 per cent this year.
“A promising outlook for the Alberta energy sector will be a boon for the Calgary and Edmonton economies. Calgary remains the services hub for the province’s energy sector and is forecast to post the second strongest economic growth rate (behind Saskatoon) at 3.4 per cent this year,” said the report.
It also forecast Calgary’s economic growth rate to average 4.1 per cent between 2012-2015.
The conference board said the city’s economy rebounded in 2010, with real gross domestic product growth coming in at 3.2 per cent.
“While output growth was strong in many sectors, the manufacturing, transportation and warehousing, and wholesale and retail trade industries posted the most impressive gains,” said the conference board report. “In 2011, activity in the goods sector is poised to improve once more, mainly thanks to continued strength among local manufacturers.
“Meanwhile, growth in the services sector is expected to be about the same, with fairly solid consumer spending again providing a lift to total services sector output.”
The conference board said energy prices, which have strengthened considerably since the end of last year, are expected to stay strong over the next few months.
“As a matter of fact, oil and gas prices are poised to remain above their historical average over the rest of the forecast horizon (2011 to 2015), further stimulating activity in the oilpatch,” it said.
“The latest estimates show that about $14.2-billion worth of energyrelated projects are now underway in the province. Another roughly $39.1-billion worth of new development has already been announced, while more than $49.7-billion worth of oil and gas projects has been proposed for the future.”
mtoneguzzi@calgaryherald.com
Read more: http://www.calgaryherald.com/business/Saskatchewan+Alberta+lead+growth/4737262/story.html#ixzz1LbKd5vsu
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