A weekly update of Economic Highlights.
Economic Dashboard Indicators Updated This Week
The West Texas Intermediate (WTI) price of oil, often a world reference price quoted in the media, averaged US$47.02 a barrel in December 2020, 21.5% lower than it was a year earlier.
Western Canada Select (WCS), the price obtained for many Alberta producers of oil, averaged US$37.32 a barrel in December 2020, 4.6% lower than it was a year earlier.
The differential of WTI over WCS was US$9.70 in December 2020.
In November 2020, average weekly earnings in Alberta remained the highest in Canada at $1,207, an increase of 2.3% from November 2019. Nationally, average weekly earnings were $1,112 in November 2020, up 6.7% from the same period in 2019. The large year-over-year increases across Canada are largely reflective of job losses related to COVID-19 being concentrated among lower-paid employees.
In December 2020, Alberta municipalities issued $895.3 million in building permits, a decrease of 12.8% from December 2019. Nationally, building permits increased by 1.7% over the same time period.
In Alberta, industrial (-50.0%), residential (-0.2%), institutional and governmental (-7.6%), and commercial (-40.4%) structure types all showed declines.
In 2020, Alberta municipalities issued a total of $10.6 billion worth of building permits, a decline of 8.7% from 2019.
The number of exploratory and development wells drilled in October decreased by 33.5% from the same period a year earlier, from 364 to 242 wells. Development bitumen wells increased by 0.9% to 108, while all other well types declined, with development oil wells, which comprised 27.7% of wells, decreasing by 52.1% from 140 to 67.
Grain deliveries in Alberta increased by 6.9% between December 2019 and December 2020, to 1,673,600 tonnes. Canadian grain deliveries increased by 5.4% over the same period.
In Alberta, non-durum wheat, which made up 45.8% of grain deliveries, increased by 7.4%, while canola, which made up 37.9% of grain deliveries, decreased by 0.5%.
Top Updates on Major Projects This Week
David Thompson Solution - http://majorprojects.alberta.ca/details/David-Thompson-Solution/4325
The David Thompson Solution will see the replacement of three schools, that will accommodate up to 550 K-12 students upon completion. There will be capacity to expand the space to accommodate up to 725 students at full build out.
Stony Plain Central Replacement School - http://majorprojects.alberta.ca/details/Stony-Plain-Central-Replacement-School/4324
The Stony Plain Central Replacement School will built to accommodate 900 students in grades K-9.
Autumn Grove Seniors Lodge - http://majorprojects.alberta.ca/details/Autumn-Grove-Seniors-Lodge/434
The Autumn Glen Lodge is being rebuilt, and will be known as the Autumn Grove Seniors Lodge. The facility will includes 60 rooms and 30 self-contained units totaling 74,000 square feet on 5.74 acres.
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