The Province of Alberta has released new economic indicators for spring 2024, including a slight increase in unemployment for the Rocky Mountain House region.
The sweeping data region representing not only Rocky Mountain House, but also areas between Banff and the Northwest Territories border, saw an unemployment rate of 5.3 per cent- an increase from 4.8 per cent from the month prior.
Town officials, however say there are some positive indicators within the town of Rocky Mountain House, such as a nearly 50 per cent uptick in building and development permits.
Up to the end of May 2024, there were 43 building permits and 47 development permits issued, constituting around $4.5 million in economic activity, says Laura Button, communications coordinator with the Town of Rocky Mountain House.
“It’s good news for the residents and business owners who are investing in their properties, and also for the contractors and hardware supply stores that are supplying the materials to do that work,” says Button.
Button adds during the same time frame in 2023, there were 24 building permits and 28 development permits issued.
According to Statistics Canada and other Alberta government sources:
- A total of 2.7 million people are employed in the province, a 4.3 per cent increase year over year
- However, the unemployment rate was up slightly to 7.2 per cent
- Average weekly earnings in Alberta rose three per cent to $1,317 in March
- Alberta’s population was just over 4.8 million- a 4.4 per cent year over year change
- Nearly 238,000 people are employed in construction, a 5.4 per cent decrease year over year
- Alberta goods exports increased 0.8 per cent year over year
- Data showed Albertans were eating out more with restaurant sales at $1 billion- a 4 per cent increase year over year
- The number of housing starts in the province was up sharply at over 3,816 as of April- a 62 per cent increase year over year
- Nearly 28,000 homes were sold so far in 2024, a 23.2 per cent increase from last year
- Alberta’s retail sales decreased 2.2 per cent year over year
The Province says the data comes from two weekly publications: Alberta Economy: Indicators at a Glance and the Weekly Economic Review.
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