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The Alberta Activity Index was updated January 30, 2026, to include November 2025 data.
Highlights
Activity rebounds in November
- The Alberta Activity Index (AAX) jumped in November, following a pullback in October.
- The index rose 1.0% month-over-month (m/m), led by a rebound in the labour market.
- The labour market sector was the largest contributor to the monthly gain, as average weekly earnings bounced back and employment continued to grow.
- The household sector also strengthened, as a jump in retail sales more than offset the slowdown in housing starts.
- A surge in oil production lifted energy sector activity, although the increase was partly offset by seasonally soft drilling activity.
- Business sector activity ticked down, with weakness in the manufacturing shipments outweighing gains in new truck sales and wholesale trade.
- Year-to-date (YTD) growth in the AAX remained solid at 2.9%.
Data table
View the Alberta Activity Index Data Table to find monthly data points for January 1981 to November 2025.
Year-over-year change
Image 1. The following chart shows year-over-year change in the AAX and real GDP from 2007 to November 2025.
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:
Aishwarya Tyagi, Economist
Alberta Treasury Board and Finance
Phone: 780-427-8659
Toll free: 310-0000 before the phone number (in Alberta)
Email: [email protected]