Economic Highlights for the Week of July 1, 2019

Information & Updates

Economic Highlights for the Week of July 1, 2019

A weekly update of Economic Highlights.

Economic Dashboard Indicators Updated This Week

UNEMPLOYMENT RATE

Jun 2019

6.6%

0.0% y/y

Analysis

In June 2019, Alberta's seasonally adjusted unemployment rate was 6.6%, the same as in June 2018. The national unemployment rate was 5.5% in June 2019, down 0.5% from the same period in 2018.
 
Alberta
By Province
By Demographic

CATTLE PRICE

May 2019

$142.98($/hundredweight)

0.1% y/y

Analysis

Cattle prices in Alberta increased by 0.1% in May 2019 compared to the same time period a year earlier, to $142.98 per hundredweight, the highest price in Canada. Calf prices increased by 0.4% year-over-year in May 2019 to $181.29 per hundredweight. Hog prices have increased by 33.2% in May 2019 compared to the same period a year earlier, to $97.11 per hundredweight. This is the highest recorded value since July 2017.
 
Alberta Cattle
Cattle By Province
Alberta Calves
Alberta Hogs

OIL PRODUCTION

May 2019

16.7M(m3)

0.3% y/y

Analysis

Oil production in Alberta was 16.68 million cubic metres in May 2019, up 0.3% compared to May 2018. Non-conventional (or oil sands) production constituted 83% of all oil production in Alberta in May 2019. Production of conventional oil was up 0.7%, while non-conventional oil production increased by 0.2% on a year-over-year basis.
 
Alberta
By Type of Oil

ACTIVE DRILLING RIGS

Jun 2019

51

-46.3% y/y

Analysis

The average number of active drilling rigs in June 2019 was 51, decreasing by 44 (-46.3%) from June 2018. The number of inactive rigs decreased by 1.5% from 326 to 321 over the same period.
 
Alberta
By Type

EMPLOYMENT

Jun 2019

2.4M

1.3% y/y

Analysis

Total employment in Alberta rose by 10,400 jobs between May and June 2019. On a year-over-year basis, employment grew by 29,500 jobs or 1.3% in June. Over the same period, Canada's employment increased by 2.3% or by 421,100 jobs.
 
Alberta
By Province
By Type of Work

MERCHANDISE EXPORTS

May 2019

$12.0B

17.4% y/y

Analysis

Alberta's international merchandise exports were $11.97 billion in May 2019, 17.4 % higher than the same period last year and an all-time monthly high. Canadian exports increased by 8.2% over the same period. In Alberta, all year-to-date export categories increased, except for basic and industrial chemical, plastic and rubber products (-6.4%). Exports of industrial machinery increased by 28.9% year-over-year, the most of any product category.
 
Alberta
By Province
By Commodity

NATURAL GAS PRODUCTION

May 2019

9.2B(m3)

-0.7% y/y

Analysis

In May 2019, marketable natural gas production was 8.94 billion cubic metres, down 0.7% from May 2018's production level.
 
Alberta

WHEAT PRICE

May 2019

$248.53($/metric tonne)

-2.0% y/y

Analysis

In May 2019, Alberta non-durum wheat prices, which include the weighted average prices of milling and other wheat excluding durum, recorded $248.43/metric tonne, 2.0% lower than prices in May 2018. Durum wheat was $252.35/metric tonne in May 2019, 5.5% lower than May 2018.
 
Alberta
By Province

BUSINESS INCORPORATIONS

Jun 2019

3,171

-12.7% y/y

Analysis

In June 2019, the number of businesses incorporated in Alberta totalled 3,171, a decrease of 12.7% from the same period a year earlier. Alberta incorporations were down 12.5% to 2,861. Non-Alberta incorporations decreased 14.6% from a year earlier to 310.
 
Alberta

WELLS DRILLED

Apr 2019

134

-34.6% y/y

Analysis

The number of exploratory and development wells drilled in April 2019 decreased by 34.6% from the same period a year ago, from 205 to 134, with all well types decreasing.
 
Alberta
By Type

Top Updates on Major Projects This Week

Aspera Apartment Development - https://majorprojects.alberta.ca/details/Aspera-Apartment-Development/3879
Construction of a 4 storey, 85 unit apartment complex in the Griesbach neighbourhood.

Metis Crossing Cultural Center - https://majorprojects.alberta.ca/details/Metis-Crossing-Cultural-Center/3880
The new centre will provide 10,000 ft2 of gathering spaces, meeting rooms, classrooms, exhibits and interpretive spaces to engage visitors on metis culture and history.

Roadwork - 20534 - https://majorprojects.alberta.ca/details/Roadwork-20534/3869
Roadwork to repave a section of Highway 670 from east of Highway 749 to Highway 750.

South Central Bike Lane Expansion - https://majorprojects.alberta.ca/details/South-Central-Bike-Lane-Expansion/3712
Project to add protected bike lanes, and bike boulevards in the Old Strathcona / Garneau area. Bike lane expansion will happen in tandem with neighbourhood renewals.

Contact

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