The Alberta Activity Index was updated July 31, 2026, to include May 2026 data.
Highlights
Household and energy sectors drive acceleration
- The Alberta Activity Index (AAX) continued to gain momentum in May.
- The index increased 1.5% m/m, accelerating for a third consecutive month.
- The acceleration was led by the household sector, as housing starts rebounded sharply while consumer spending remained stable.
- The energy sector also posted strong gains, reflecting unseasonally robust drilling activity and oil production that continued at seasonal record highs.
- Strong wholesale trade supported business sector activity, while higher seasonally adjusted new truck sales more than offset a modest decline in manufacturing shipments.
- Labour market conditions improved as steady employment growth outweighed a mild pullback in average weekly earnings.
- Compared with a year ago, the AAX was up 4.3%, with growth across all sectors.
Data table
View the Alberta Activity Index Data Table to find monthly data points for January 1981 to May 2026.
Year-over-year change
Figure 1. Year-over-year change in the AAX and real GDP from 2007 to May 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:
Aishwarya Tyagi, Senior Economist
Alberta Treasury Board and Finance
Phone: 780-427-8659
Toll free: 310-0000 before the phone number (in Alberta)
Email: [email protected]
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