Edmonton’s Economy on the Rebound
The Conference Board of Canada has just forecasted that Edmonton’s economy will grow a modest 3.2% in 2010 and then 4% between 2011 and 2014. With a GDP decline of 2% in 2009–the biggest drop on record, this indeed is good news! The Conference Board has also predicted that the job market will remain soft this year with an unemployment-rate increase to 7.5%. Retail sales, home resales and the construction sector will all show moderate gains.
Alberta’s oilpatch will see better days in 2010 although a full recovery will not be seen until 2011. Such a recovery will have a significant impact on Edmonton’s economy since the two are inextricably linked.
