Looking Forward: Alberta in 2015
With all the doom and gloom over the low global price of oil and natural gas, we thought it would be a good idea to take a look at Alberta’s current economic outlook for the next 3 years. This should give us a better understanding of our own Heavy Civil, Construction, and Earthwork sectors.
What we look at is the ATB Financial’s Economic Outlook. It is released at the beginning of each quarter of the financial calendar. It’s designed to summarize Alberta’s economic landscape and give us an idea of what the future looks like. The Economic Outlook provides Albertans with economic commentary that is trusted, meaningful and easy to understand.
Here’s the major points we took away from it:
- A slowdown of the economy is probably but an outright recession is highly unlikely.
- GDP is expected to slow from 4% growth in 2014 to 2% growth in 2015.
- Unemployment will rise by about half a % in the next year, but it will still remain below the national average.
- Significantly lower investment in the oil and natural gas sector.
- Oil prices, employment, and investment in infrastructure will somewhat rebound by the end of 2015.
- Other sectors, like agriculture, forest, and tourism will benefit from the low price of oil & gas.
Overall, there is expected to be an economic downturn, but nothing like the end of days that everyone is talking about! On top of that, even in the worst case scenario projected by the ATB report, the Alberta economy will still be higher than the national average in GDP growth, unemployment, business optimism, and construction.
You can see the full report HERE!
For something a little more light-hearted, here’s a few pictures from the Simpsons outlining work safety! They’re in a power plant, but almost all of these can be applied to Heavy Civil Construction, Earthworks, and almost any other construction setting.