The hard times might finally be over in Alberta.
The provincial economy is expected to emerge from recession and grow by 3.3 per cent in 2017, according to the Conference Board of Canada鈥檚 provincial spring outlook.
In fact, Alberta will have the fastest growing provincial economy this year followed by Saskatchewan and British Columbia, which are both expected to grow at 2.5 per cent.
鈥淭he difficulties in the resources sector are slowly dissipating and helping Alberta and Saskatchewan emerge out of recession. However, the turnaround is still in its early stages and a full recovery will take time,鈥� wrote Marie-Christine Bernard, an associate director with the Conference Board of Canada.
According to the report, non-conventional oil production in the province will see a big increase this year thanks to new capacity coming online, while energy investment is expected to make a comeback this year and next.
Outside of the energy sector, Alberta is also benefiting from improvements in labour markets, consumer demand, and the housing sector, which includes rebuilding efforts in Fort McMurray, which was devastated by a wildfire last year.
Pattie Pavlov, manager of Jasper Park Chamber of Commerce, warmly welcomed to the report.
鈥淭his is great news for the province of Alberta,鈥� said Pavlov.
She said it鈥檚 difficult to pinpoint whether the surge in visitors passing through Jasper can be directly attributed to Alberta鈥檚 rebounding economy, but welcomed it nonetheless.
鈥淛asper is certainly seeing an influx in visitors, now whether or not that鈥檚 directly related remains to be seen,鈥� said Pavlov. 鈥淲e also know it鈥檚 a banner year for Canada in general and certainly with free admission to the parks that鈥檚 going to increase visitation.鈥�
For all the good news that comes with a growing economy, she also cautioned that it will put more pressure on businesses to find more staff and housing.
Currently there are more than 400 job postings in Jasper, according to the Jasper Employment and Education Centre, which recently changed its name from the Jasper Adult Learning Centre.
Paul Clarke
[email protected]
