Highlights: Alberta economy at a glance, winter 2025

The Alberta government has released a new report outlining the health of the economy for winter 2025.

Overall, the Alberta Activity Index moved up 0.6 per cent in December and was up 2.7 per cent from a year ago. The most up-to-date data shows Alberta’s real GDP by
expenditure increased by 2.3 per cent in 2023, following 6.0 per cent growth in 2022.

Alberta’s unemployment rate was 6.7 per cent in January, unchanged from December, and up 0.4 percentage points from a year ago.

For oil prices, West Texas Intermediate (WTI) decreased $2.22 over the week and closed at US$70.35 at the end of February. Alberta’s recently released Budget 2025, predicts WTI prices will hover around US$68 this year— a six dollar decrease from 2024.

Alberta increased merchandise exports, as goods exports increased 15 per cent m/m in December to $16.4 billion— an increase of 13 per cent from a year ago.

Alberta housing starts increased 3.4 per cent m/m in January to 46,000 units (SAAR). They were up 9.7 per cent from a year ago.

The number of home sales in the resale market rose 2.1 per cent m/m to 6,989 units in January, and was up 1.3 per cent y/y.

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Average weekly earnings saw a modest increase, as average weekly earnings in Alberta inched up 0.1 per cent m/m to $1,339 in December. They were up 3.8 per cent year-over-year.

Alberta’s retail sales increased 2.4 per cent m/m to $9.0 billion in December. Compared to a year ago, sales were up 5.9 per cent.

Manufacturing shipments increased 2.5 per cent m/m to $8.7 billion in December. They were up 0.4 per cent from a year ago.

The number of rigs drilling in Alberta averaged 186 in January, up 6.6 per cent from a year ago.

You can read the full report here.

Across the country, the Canadian labour market felt a chill in February with employment “virtually unchanged” from the month before, Statistics Canada said Friday.

The Canadian economy added just 1,100 jobs last month, the agency said, well below the 76,000 jobs added in January.

Economists polled by Reuters ahead of Friday had expected an increase of 20,000 new positions for the month.

February’s modest gains were enough to keep the unemployment rate steady at 6.6 per cent as the Canadian population grew at its slowest monthly pace since April 2022.

(~ with files from The Canadian Press, TD Economics)

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