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Economic Highlights for the Week of January 28, 2019

Information & Updates

Economic Highlights for the Week of January 28, 2019

A weekly update of Economic Highlights.

Please note: In compliance with the Election Act, publication of Weekly Economic Highlights will cease during a provincial election period.

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Economic Dashboard Indicators Updated This Week

OIL PRODUCTION

Dec 2018

18.1M(m3)

5.5% y/y

Analysis

Oil production in Alberta was 18.12 million cubic metres in December 2018, up 5.5% compared to December 2017. Non-conventional (or oil sands) production constituted 84.0% of all oil production in Alberta in December 2018. Production of non-conventional oil was up 5.0%, while conventional oil production increased by 8.2% on a year-over-year basis. Oil production in Alberta was 202.59 million cubic metres in 2018, up 9.7% compared to 2017.
 
Alberta
By Type of Oil

AVG WEEKLY EARNINGS

Nov 2018

$1,155

1.2% y/y

Analysis

In November 2018, average weekly earnings in Alberta were $1,155, a 1.2% increase from November of 2017. Nationally, average weekly earnings were $1,013 in November, up 2.2% from the same period in 2017. Alberta's November average wage of $1,155 was well ahead of the next highest province, Newfoundland and Labrador, at $1,049.
 
Alberta
By Province

JOB VACANCIES

Oct 2018

38,600

0.0% y/y

Analysis

In October 2018, the number of job vacancies in Alberta was unchanged from the same month in 2017 at 38,600 vacancies. Over the same time frame, Canadian vacancies increased by 13.3% to 348,500.
 
Alberta
By Province

WELLS DRILLED

Nov 2018

453

5.8% y/y

Analysis

The number of exploratory and development wells drilled in November 2018 increased by 5.8% from the same period a year ago, from 428 to 453. Development and exploratory gas wells decreased by 28.6% and 38.1% respectively. Developmental bitumen wells increased by 58.1% and exploratory oil wells increased by 128.6% compared with November 2017.
 
Alberta
By Type

NATURAL GAS PRODUCTION

Dec 2018

9.5B(m3)

-0.6% y/y

Analysis

In December 2018, marketable natural gas production was 9.49 billion cubic metres, down 0.6% from December 2017's production level. In 2018, marketable natural gas production was 108.91 billion cubic metres, up 0.4% from 2017's production level.
 
Alberta

Top Updates on Major Projects This Week

Seton Recreation Facility - https://majorprojects.alberta.ca/details/Seton-Recreation-Facility/771
330,000 square foot facility that includes a water park, competition lane pool, diving, ice rinks, gymnasiums, fitness centre, theatre, art space, and library. To be operated by YMCA.

Interchange: 65 Avenue - Highway 2 - https://majorprojects.alberta.ca/details/Interchange-65-Avenue-Highway-2/3807
The proposed interchange will include:

-A new bridge over the QEII, adjacent to the existing 50 Street bridge in Leduc.
-New on-ramps from the QEII and improvements to some existing ramps.
-Intersection improvements at 65 Avenue and 50 Street [Read More]

Contact

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