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The Alberta Activity Index was updated February 27, 2026, to include December 2025 data.
Highlights
Activity takes a step back
- The Alberta Activity Index (AAX) pulled back in December, following a jump in November.
- The index fell 0.9% month-over-month (m/m), led by declines in the household sector.
- In the household sector, housing starts slowed for a second consecutive month while retail sales retreated from record highs.
- Business activity also ticked down as declines in new truck sales and wholesale trade outweighed gains in manufacturing shipments.
- Labour market conditions softened with both average weekly earnings and employment edging lower.
- In contrast, the energy sector strengthened as oil production advanced to a new record high and seasonally adjusted drilling activity remained strong.
- Despite the monthly setback, the AAX advanced 2.7% in 2025.
Data table
View the Alberta Activity Index Data Table to find monthly data points for January 1981 to December 2025.
Year-over-year change
Image 1. The following chart shows year-over-year change in the AAX and real GDP from 2007 to December 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, Senior Economist
Alberta Treasury Board and Finance
Phone: 780-427-8659
Toll free: 310-0000 before the phone number (in Alberta)
Email: [email protected]