The growing number of people moving to Alberta in the hopes of cashing in on a lower cost of living is helping the province’s economy stay well above the national GDP average.
A new report from Deloitte highlighted Alberta’s economy benefiting from a population surge as Canadians from other provinces flock to Wild Rose Country in search of a lower cost of living.
“That and the opening of the Trans Mountain pipeline expansion will keep Alberta growing above the national average,” the report added, forecasting Alberta’s GDP gaining 1.5% this year and 3.3% next year
Our neighbours directly to the east and the west are facing their respective positives and negatives, with Saskatchewan’s economy pegged to be one of the country’s leaders in growth over the near term as a recovery in the agriculture sector and very strong business investment propel real GDP growth of 1.6% this year and 4.3% next year.
Finally, growth in British Columbia will be weak in 2024 as its highly indebted households pare back their spending in the face of rising debt servicing costs, with a GDP growth of just 0.7% expected this year.
Deloitte Economic Advisory
The report added that Canada’s economy grew stronger in the first half of this year than previously forecast. Real GDP growth of 1.2% is projected for 2024 followed by 2.6% growth in 2025. I
Unlike last year when labour shortages were the growing pain of the national economy, the economy’s current challenge is generating enough jobs to keep up with Canada’s rapidly growing population.