The Alberta Activity Index was updated on March 28, 2025 to include January 2025 data.
Highlights
Solid momentum at the start of the year
- The Alberta Activity Index (AAX) picked up to a record level in January.
- The index increased 0.4% month-over-month (m/m) on the back of solid gains across all sectors.
- Energy was the largest contributor, propelled by rising oil production.
- Business sector also gained ground on strong manufacturing sales, while wholesale trade and truck sales remained subdued.
- Labour market continued to move ahead following a robust fourth quarter of 2024, as surging average weekly earnings overwhelmed easing employment.
- The AAX has climbed steadily since October and was up 4.1% on a year-over-year (y/y) basis.
Data table
View the Alberta Activity Index Data Table to find monthly data points for January 1981 to January 2025.
Year-over-year change
The following chart shows year-over-year change in the Alberta Activity Index and real GDP from 2004 to January 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
Mohammad M A Khan, Senior Economist
Alberta Treasury Board and Finance
Phone: 780-427-8845
Toll free: 310-0000 before the phone number (in Alberta)
Email: [email protected]