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The Alberta Activity Index was updated on October 31, 2025, to include August 2025 data.
Highlights
Activity edges lower
- The Alberta Activity Index (AAX) pulled back in August after two consecutive months of strong gains.
- The index fell 0.5% month-over-month (m/m) with lower activity in all sectors.
- The business sector led the downturn, as weaker new truck sales and manufacturing shipments offset the continued strength in wholesale trade.
- Declines in both oil production and drilling activity weighed on the energy sector.
- The labour market also moderated, with employment losses outweighing gains in average weekly earnings.
- Housing starts dragged growth in household activity, offsetting gains in retail sales.
- Despite the monthly retreat, year-over-year (y/y) growth in AAX remained solid at 2.0%, with gains in all sectors.
Data table
View the Alberta Activity Index Data Table to find monthly data points for January 1981 to August 2025.
Year-over-year change
The following chart shows year-over-year change in the Alberta Activity Index and real GDP from 2007 to August 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]