EDMONTON – Edmonton’s economy is growing about three times faster than the national average. So what exactly is it that sets our city apart?
“It’s the energy sector and, particularly, the focus on the development of the non-traditional oil side, the oil sands development in northeastern Alberta,” said the City of Edmonton’s chief economist, John Rose.
Edmonton is the logistical hub for those activities.
“I think trades are very big, we certainly urge a lot of young people to go towards trades for employment…big, big potential there,” added Hilary Predy from Global Mobility. She helps companies solve their staffing shortages by tapping into the work force worldwide.
Predy says she’s seen people flocking to Alberta because they heard employment was so good here.
About 1.2 million people currently live in the Capital Region. And that has driven vacancy down, and rent up anywhere between five and six per cent, according to Rose.
“This is very tough for particularly low income families because they are typically renters as opposed to home owners,” he said.
Despite the growth and immigration, inflation rates remained low in 2013, though.
And overall, Rose says the outlook for 2014 is favourable.
“We’ve got an economy with a lot of momentum…so you’ll see Edmonton move forward very rapidly in 2014.”
The city says professional services, manufacturing and construction all continue to grow in Edmonton.
With files from Shannon Greer, Global News