A weekly update of Economic Highlights.
March 6, 2023

Economic Dashboard Indicators Updated This Week

INVESTMENT

2022

$63.6B

14.0% y/y

Analysis

In 2022, non-residential capital investment in Alberta increased by 14.0% from 2021 to $63.6 billion. Spending on machinery and equipment increased by 25.5%, while construction spending increased by 10.0%. Mining, quarrying and oil and gas extraction increased by 29.0% to $24.6 billion, driving the overall increase. There were also significant gains within utilities (up 10.5% to $6.6 billion), construction sector investment (up 13.2% to $1.6 billion), and transportation and warehousing (up 15.3% to $10.6 billion). Manufacturing decreased by 31.2% to $2.6 billion, driven by declines in chemical manufacturing (down 48.9% to $941.4 million), and petroleum and coal product manufacturing (down 26.9% to $424.2 million). In 2022, Alberta's per capita investment spending was $14,000, which was the highest per capita spending of all provinces and 78% higher than the Canadian average of $7,880 per capita. In 2023, investment in Alberta is forecast to remain relatively flat from 2022, increasing by 0.6% to $64.0 billion. Overall, construction spending is expected to decrease by 2.7%, while spending on machinery and equipment is expected to increase by 9.1%. The largest sector, oil and gas extraction, is expected to see capital expenditures increase by 9.7% to $26.0 billion. Manufacturing investment is expected to increase by 26.7% to $3.2 billion, driven by an increase of 27.0% in chemical manufacturing, to $1.2 billion, and by petroleum and coal manufacturing, increasing 101.2% to $853 million.
 
Alberta
By Province
By Industry

BANKRUPTCIES

Jan 2023

9

12.5% y/y

Analysis

The number of Alberta business bankruptcies in January 2023 increased by 12.5% from the same period a year ago, from 8 to 9. The number of Canadian bankruptcies increased by 47.8% over the same time period. In Alberta, consumer bankruptcies increased by 15.5%, from 181 in January 2022 to 209 in January 2023.
 
Alberta
By Province
By Type

BUILDING PERMITS

Jan 2023

$1.2B

-3.3% y/y

Analysis

In January 2023, Alberta municipalities issued $1.2 billion in building permits, a decrease of 3.3% from January 2022. Nationally, building permits decreased by 5.0% over the same time period. In Alberta, industrial permits had the largest increase at +59.5%, followed by residential permits (+9.7%) while commercial permits saw the largest decrease at -34.1% and institutional and governmental permits decreased by 20.5%.
 
Alberta
By Province
By Type

WELLS DRILLED

Dec 2022

605

22.5% y/y

Analysis

The number of exploratory and development wells drilled in December 2022 increased by 22.5% from the same period a year earlier, from 494 to 605 wells. Development bitumen wells increased by 105.3% from 133 to 273, while development oil wells decreased by 7.3% from 247 to 229.
 
Alberta
By Type

NATURAL GAS PRICE

Dec 2022

$5.65($CDN/GJ)

41.6% y/y

Analysis

The price of natural gas in December 2022 was CDN $5.65 per gigajoule, up 41.6% from December 2021.
 
Alberta

BUSINESS INCORPORATIONS

Feb 2023

4,234

5.5% y/y

Analysis

In February 2023, the number of businesses incorporated in Alberta totaled 4,234, an increase of 5.5% from the same period a year earlier. Alberta incorporations were up 5.3% to 3,722, while non-Alberta incorporations increased by 7.6% from a year earlier to 512.
 
Alberta
By Type

FARM CASH RECEIPTS

Q4 2022

$5.8B

5.5% y/y

Analysis

Farm cash receipts increased by 5.5% to $5.8 billion in the fourth quarter of 2022 as compared to the same quarter in 2021. Nationally, farm cash receipts increased by 12.7% over the same time period. In Alberta, crop receipts increased by 26.0% while livestock receipts increased by 15.1%. Direct payments decreased by 55.0%.
 
Alberta
By Province
By Type

SOFTWOOD LUMBER PRODUCTION

Dec 2022

557,200(m3)

-15.9% y/y

Analysis

Alberta softwood lumber production decreased by 15.9% to 557,200 cubic metres in December 2022 compared to December 2021. Nationally, softwood lumber production decreased by 17.3% to 3.2 million cubic metres when compared with the same period a year earlier.
 
Alberta
By Province

Top Updates on Major Projects This Week

MacEwan University School of Business - http://majorprojects.alberta.ca/details/MacEwan-University-School-of-Business/10860
Construction of a new seven-storey, 376,700-square foot building at 109 Street and 105 Avenue that will contain 30 classrooms, a simulated trading floor, 20 "collaboration spaces" and 15 study spaces. The Government of Alberta is providing $125 [Read More]

East Junction Apartment Tower - http://majorprojects.alberta.ca/details/East-Junction-Apartment-Tower/3678
Construction of a new 26 storey apartment building in the Holyrood neighbourhood of Edmonton. Upon completion, the building will contain 284 residential units.

A building permit was issued by the City of Edmonton on September 11, 2020.

High Plains Industrial Park - Building 10 - http://majorprojects.alberta.ca/details/High-Plains-Industrial-Park-Building-10/7519
Proposed construction of an approximately 420,000 square foot warehouse facility located in the High Plains Industrial Park, just north of Calgary. 

Regional Dashboard Indicators Updated This Week

POPULATION

2022

4.1M

1.1% y/y change

Analysis

The population of Alberta in 2022 was 4.1M. There were 412 municipalities with population data in 2022. Of these, 212 had an increase, while 166 experienced a decrease. 30 saw no change. The municipalities (over 1000 pop.) with the highest five-year growth rates were: Greenview No. 16 (63.79%), Barnwell (26.28%), and Cochrane (22.73%).
ALBERTA OVERVIEW

Contact

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