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The Alberta Activity Index was updated on November 28, 2025, to include September 2025 data.
Highlights
Robust activity in September
- The Alberta Activity Index (AAX) surged in September after a pullback in August.
- The index rose 1.6% month-over-month (m/m), led by large gains in the labour market and business sector.
- The labour market strengthened, with rebounds in both employment and average weekly earning.
- Business sector activity jumped ahead, as accelerating manufacturing shipments and wholesale trade offset the weakness in new truck sales.
- Growth was also supported by the household sector, with the rapid pace of housing starts overwhelming easing retail sales.
- Both seasonally adjusted oil production and drilling activity lifted energy sector activity.
- With the monthly gain, year-to-date growth in AAX remained solid at 2.9%, with gains in all sectors.
Data table
View the Alberta Activity Index Data Table to find monthly data points for January 1981 to September 2025.
Year-over-year change
Image 1. The following chart shows year-over-year change in the AAX and real GDP from 2007 to September 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]