A weekly update of Economic Highlights.
October 25, 2021

Economic Dashboard Indicators Updated This Week

HOUSING STARTS

Sep 2021

2,152(new units)

-0.6% y/y

Analysis

In Alberta, urban housing starts totaled 2,152 in September 2021, a year-over-year decrease of 0.6%. Canadian housing starts increased by 11.2% over the same period. In Alberta, single-detached units increased by 44.0%, while apartment units, which comprised 23.6% of all units, decreased by 45.2%.
 
Alberta
By Province
By Housing Type

CONSUMER PRICE INDEX

Sep 2021

150.8

4.0% y/y

Analysis

On a year-over-year basis, Albertans paid 4.0% more in September 2021 for the goods and services that comprise the Consumer Price Index (CPI) than in the same month a year ago, while the national average CPI was up 4.4%. In Alberta, nearly all commodity categories increased, with Energy (+21.8%) and Transportation (+10.7%) increasing the most.
 
Alberta
By Province
By Type

EMPLOYMENT INSURANCE

Aug 2021

176,860(recipients)

611.1% y/y

Analysis

In August 2021, there were 176,860 people receiving regular Employment Insurance (EI) benefits in Alberta, an increase of 151,990 people (+611.1%) compared with August 2020. Nationally, EI beneficiaries increased by 826.4% year-over-year. In Alberta, females saw the highest increase in EI (+1,324.6%), growing from 5,120 to 72,940 year-over-year. The number of regular EI beneficiaries increased in March and April 2020, as those with active claims remained in the EI program. It then declined sharply beginning in May, as all new claims were redirected to CERB. The large spike in October 2020 is due to the transition from CERB to EI.
 
Alberta
By Province
By Demographic

RETAIL TRADE

Aug 2021

$7.3B

12.8% y/y

Analysis

Alberta's retail trade value increased by 12.8% in August 2021 compared to August 2020, to $7.3 billion. Nationally, retail sales increased by 8.4% over the same time frame. In Alberta, miscellaneous store had the largest increase (+34.1%) , while building material, garden equipment and supplies had the largest decrease (-4.5%).
 
Alberta
By Province
By Product

WELLS DRILLED

Jul 2021

549

1,043.8% y/y

Analysis

The number of exploratory and development wells drilled in July increased by 1,043.8% from the same period a year earlier, from 48 to 549 wells. The number of oil, gas, bitumen, and other development wells increased significantly, with development oil wells seeing the largest increase, from 1 in July 2020 to 269 in July 2021.
 
Alberta
By Type

NATURAL GAS PRICE

Aug 2021

$2.78($CDN/GJ)

50.3% y/y

Analysis

The price of natural gas in August 2021 was CDN $2.78 per gigajoule, up 50.3% from August 2020.
 
Alberta

Top Updates on Major Projects This Week

Whitla Wind Power Project - Phase 2 - http://majorprojects.alberta.ca/details/Whitla-Wind-Power-Project-Phase-2/3999
The project involves the construction of the 97.2Mw Whitla Wind Power Project (Phase 2). Construction began in May 2021. A 15-year renewable power purchase agreement has been secured with Dow Chemical Canada ULC, a subsidiary of Dow for 25 [Read More]

Enchant Solar Project - http://majorprojects.alberta.ca/details/Enchant-Solar-Project/4402
Enchant Solar is a proposed 75 MW solar project, located on approximately 550 acres of private land in the MD of Taber, near Enchant, AB. In April 2021, Labatt Brewing Canada agreeing to purchase 51% of the output under a long-term power purchase [Read More]

Tamarack Heights Apartment Building - http://majorprojects.alberta.ca/details/Tamarack-Heights-Apartment-Building/5537
Construction of a six storey apartment building that will contain 161 residential above a one level underground parkade. A building permit was issued by the City of Edmonton on October 12, 2021.

Klarvatten Apartment Building - http://majorprojects.alberta.ca/details/Klarvatten-Apartment-Building/5538
Proposed project would see a six story apartment building constructed, with minor at grade retail.  Project is currently in the re-zoning phase, address is 18069 85 Avenue NW.

Contact

For questions about the Weekly Economic Highlights, please contact economiclink@gov.ab.ca