| ECONOMY: Value of major projects in Northern Alberta exceeds $200 billion, says EEDC |
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(AlbertaIndex, December 26, Wednesday) --- Northern Alberta has confirmed its position as Canada’s hottest investment spot, with more than $200 billion worth of major projects committed in the Red Deer to the oilsands area. An annual economic outlook report released today by Edmonton Economic Development Corp. (EEDC) revealed that that area, also known as the Edmonton’s service area, accounts for 84 per cent of the $237 billion in major projects in the province. • Edmonton’s economy is forecast to grow an average of 4.4 per cent per year to the end of 2012; • The city’s labour force has grown by 5.5 per cent since the fall of 2006; • Its construction industry has grown by 60 per cent in the past five years; • Edmonton has the second-lowest proportion of senior citizens of all urban centres in Canada: the median age is 36.4 years. The report is a planning tool for the city’s business community that provides key insights into the province’s current and future economic growth. The report forecasts continued economic growth for the region primarily due to rising energy prices, investment in the oilsands, robust construction activity, growth in personal income and strong consumer spending. However, the report also cautions that Edmonton’s economic potential is dependent on how well it adapts to labour shortages and improvements to productivity. “There are few other regions in the world, if any, with this intensity of investment,” said Ron Gilbertson, president and CEO of Edmonton Economic Development Corp. “Our region has quickly transformed into an economic powerhouse … but we need to significantly increase our productivity and grow our educated workforce to fully realize our vast economic potential.” Did you enjoy this article? Please share it!         |
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