“The first half of 2022 has shown that Alberta is solidly on the path to recovery. New investments and exciting projects across different sectors of the economy are driving employment and good jobs – pointing toward a bright future for our province.
“Alberta is once again the economic engine of Canada. So far in 2022, we’ve seen 67,900 new jobs created in our province. This comprises 31 per cent of the job growth in Canada. At the end of the second quarter, Alberta’s unemployment rate had fallen to 4.9 per cent, the lowest it has been since January 2015.
“While inflation continues to be a concern, it is encouraging to see so many Albertans earning regular paycheques. Although we recognize the impact of high energy prices on Albertans’ pocketbooks and continue to find ways to help alleviate those costs – in addition to removing the provincial gas tax and offering electricity and natural gas rebates – we know that revenue generated by the strong prices will position our province for a better future.
“Alberta’s economy is moving full steam ahead, driven by Albertans’ ambition, ingenuity and entrepreneurial spirit. The latest economic data is further evidence that Alberta’s Recovery Plan – to breathe new life into the economy and create opportunities – is working.
“Through Alberta’s Recovery Plan, our province has been working hard to create a positive business climate. Our efforts to lower taxes for job creators and reduce red tape are helping to restore and build business and investor confidence.
“That confidence is on display as companies continue to choose Alberta. In the first quarter, we saw multiple investments across sectors and the second quarter continued that trend, particularly in the agriculture and technology and innovation sectors.
“In the past three months, Alberta has seen investment from numerous companies, including INCA Renewtech, Blue Sky Hemp Ventures, More Than Protein Ingredients, Super-Pufft Snacks Corporation, PIP International, Phyto Organix, IBM, Rogers-Shaw, FTX and SpecSavers. And as these companies have grown into our province, that growth has been complemented by Albertans creating further opportunity. In the first half of 2022, 26,412 businesses were incorporated in Alberta, an increase of nearly eight per cent from the first half of 2021 – the highest value ever recorded.
“With confidence and growth like this, it is not surprising that Alberta is rapidly becoming a destination of choice for people throughout Canada and the world. Interprovincial and international migration resulted in a net increase of 16,510 people to our province in the first three months of 2022 – levels not seen since 2014. The most recent interprovincial migration numbers for Alberta are the highest in the country.
“Alberta’s housing starts are also on the rise, increasing by 17 per cent in the first five months of 2022 compared with a nine per cent decline in housing starts across the country.
“Alberta is among the most affordable, stable and welcoming places to live, with Calgary recently named the world’s third most livable city by the Economist Intelligence Unit’s rankings. Our province has a young, skilled and productive workforce, and we are home to some of the best and brightest talent. These and other factors have made Alberta a prime location for businesses and investors to collaborate, innovate, diversify and grow.
“Many sectors affected by the previous two years are beginning to rebound. April 2022 saw a boost to Alberta’s restaurant industry, with sales reaching all-time highs for the province at $885.7 million. Similarly, retail sales hit an all-time high in April 2022 at $7.7 billion.
“Goods exports were up 62 per cent to $81 billion in the first five months of 2022. Energy products were responsible for most of this growth; however, chemicals, machinery, forestry products and consumer goods also performed well.
“Alberta’s economy is growing in exciting ways and continues to benefit Albertans. In the months ahead, we will continue to move our province forward by providing opportunities for businesses and individuals to succeed and thrive.”