The Alberta Activity Index was updated September 29, 2026, to include July 2026 data.
Highlights
Activity takes a breather
- The Alberta Activity Index (AAX) eased in July after a period of strong growth.
- The index slipped by 0.7% month-over-month (m/m), marking its first monthly decline since February as most sectors recorded lower activity levels.
- The business sector led the decline as manufacturing shipments, wholesale trade and new truck sales all moderated following recent strength.
- Labour market conditions softened as employment declined for the first time in four months and average weekly earnings failed to keep pace with inflation.
- Seasonally adjusted energy sector activity edged lower as a smaller-than-usual summer pickup in drilling activity following an unusually strong spring more than offset higher oil production.
- Household sector activity was largely unchanged, as moderation in housing starts was offset by a rebound in retail sales.
- Despite the July decline, recent strength in the business and energy sectors has lifted the AAX 2.1% year-to-date.
Data table
View the Alberta Activity Index Data Table to find monthly data points for January 1981 to July 2026.
Year-over-year change
Figure 1. Year-over-year change in the AAX and real GDP from 2007 to July 2026.
*2025 is GDP by Industry; source: Alberta Treasury Board and Finance
Alberta Activity Index indicators
Developed by Alberta Treasury Board and Finance, the AAX is a weighted average of 9 monthly indicators:
- employment
- average weekly earnings
- retail trade
- wholesale trade
- manufacturing shipments
- new truck sales
- housing starts
- rigs drilling
- oil production
For more information on the AAX, see "Introducing the Alberta Activity Index" from the April 2017 Economic Trends.
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Contact
Connect with us if you have questions:
Asrafuzzaman (Asraf), Senior Economist
Alberta Treasury Board and Finance
Phone: 780-427-8659
Toll free: 310-0000 before the phone number (in Alberta)
Email: [email protected]