CALGARY - Calgary’s economy will rebound nicely this year and go on to lead the country starting in 2011, the Conference Board of Canada said Wednesday.
In its annual outlook for the cities, the board forecast Calgary’s economy will grow three per cent this year. That comes after a 2.3 per cent decline in 2009, the first drop in two decades.
“Fortunately, the initial stages of an economic recovery are starting to take hold,” the board said in its winter outlook.
“Both housing demand and prices are on the rebound, whil overall consumer confidence is gaining some upward momentum.”
Retail sales are expected to jump 4.2 per cent this year, the forecast said.
In 2010, Calgary’s economic growth will put it in the middle of the pack at 10th place. Vancouver is expected to lead the group at 4.5 per cent, boosted by the Olympic Games that begin next month.
A full recovery in the oilpatch should help propel Calgary’s economic growth to 4.4 per cent in 2010, the strongest among the provinces, the report noted.