Edmonton – Stabilizing global and North American economies will propel growth in Alberta in the second half of 2014, according to ATB Financial’s third quarter economic forecast. The most current projection by the ATB Economics and Research group remains unchanged from the second quarter, predicting Alberta will lead all provinces in real GDP growth at 3.6 per cent for the balance of the year.
“Alberta’s economy remains on track for another great performance in 2014,” says ATB’s Chief Economist Todd Hirsch.
“Energy prices have solidified and consumer confidence continues at strong levels. While a strengthening Canadian dollar in recent weeks has taken a bit of steam out of the value of our exports, a rebounding U.S. economy should more than offset those losses.”
ATB’s economic forecast also calls for Alberta’s labour market to remain strong with 4.3 per cent unemployment predicted for the second half of 2014.
“Alberta remains the jobs engine of the country,” says Hirsch.
“Our province accounts for over 80 per cent of all new jobs created in Canada over the last 12 months.”
Other highlights of ATB’s third quarter economic forecast for Alberta include:
- Stronger oil and natural gas prices to support continued energy investment
- Housing starts to remain stable and residential market to maintain balance
- In-migration to continue to lead Alberta’s population growth
For the full Alberta Economic Outlook Q3 2014, visit http://atb.com/SiteCollectionDocuments/About/Alberta-Economic-Outlook-Q3-2014.pdf