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Economic Highlights for the Week of September 2, 2019

Information & Updates

Economic Highlights for the Week of September 2, 2019

A weekly update of Economic Highlights.

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Economic Dashboard Indicators Updated This Week

UNEMPLOYMENT RATE

Aug 2019

7.2%

0.5% y/y

Analysis

In August 2019, Alberta's seasonally adjusted unemployment rate was 7.2%, an increase of 0.5% from August 2018. The national unemployment rate was 5.7% in August 2019, down 0.3% from the same period in 2018.
 
Alberta
By Province
By Demographic

CATTLE PRICE

Jul 2019

$137.05($/hundredweight)

-4.3% y/y

Analysis

Cattle prices in Alberta decreased by 4.3% in July 2019 compared to the same time period a year earlier, to $137.05 per hundredweight, the highest price in Canada. Calf prices decreased by 4.8% year-over-year in July 2019 to $171.67 per hundredweight. Hog prices have decreased by 4.9% in July 2019 compared to the same period a year earlier, to $84.52 per hundredweight.
 
Alberta Cattle
Cattle By Province
Alberta Calves
Alberta Hogs

OIL PRODUCTION

Jul 2019

17.7M(m3)

2.7% y/y

Analysis

Oil production in Alberta was 17.65 million cubic metres in July 2019, up 2.7% compared to July 2018. Non-conventional (or oil sands) production constituted 84.2% of all oil production in Alberta in July 2019. Production of conventional oil was down 2.8%, while non-conventional oil production increased by 3.8% on a year-over-year basis.
 
Alberta
By Type of Oil

BANKRUPTCIES

Jul 2019

20

53.8% y/y

Analysis

Alberta business bankruptcies increased 53.8% year over year from 13 to 20 in July 2019. Consumer bankruptcies in Alberta increased by 11.5% from 427 in July 2018, to 476 in July 2019.
 
Alberta
By Province
By Type

ACTIVE DRILLING RIGS

Aug 2019

97

-35.8% y/y

Analysis

The average number of active drilling rigs in August 2019 was 97, decreasing by 54 (-35.8%) from August 2018. The number of inactive rigs increased by 3.4% from 267 to 276 over the same period.
 
Alberta
By Type

EMPLOYMENT

Aug 2019

2.3M

0.2% y/y

Analysis

Total employment in Alberta increased by 600 jobs between July and August 2019. On a year-over-year basis, employment grew by 4,100 jobs or 0.2% in August. Over the same period, Canada's employment increased by 2.5% or by 471,300 jobs.
 
Alberta
By Province
By Type of Work

WHEAT PRICE

Jul 2019

$250.42($/metric tonne)

-0.4% y/y

Analysis

In July 2019, Alberta non-durum wheat prices, which include the weighted average prices of milling and other wheat excluding durum, recorded $250.42/metric tonne, down 0.4% from compared to July 2018. Durum wheat was $256.53/metric tonne in July 2019, 1.3% lower than July 2018.
 
Alberta
By Province

WELLS DRILLED

Jun 2019

262

-3.3% y/y

Analysis

The number of exploratory and development wells drilled in June 2019 decreased by 3.3% from the same period a year ago, from 271 to 262 wells. Development oil wells remained unchanged at 123 year over year, other development wells increase 29.4% from 17 to 22. All other well types declined.
 
Alberta
By Type

MERCHANDISE EXPORTS

Jul 2019

$11.0B

3.6% y/y

Analysis

Alberta's international merchandise exports were $10.98 billion in July 2019, an increase of 3.6% over July 2018. Canadian exports decreased by 1.0% over the same period. In Alberta, industrial machinery and equipment saw the largest growth, at 23.6%, while energy products increased by 7.3%. Forestry and building products saw the largest decline, at -17.9% year-over-year.
 
Alberta
By Province
By Commodity

AIR PASSENGERS

Jul 2019

2.5M

0.2% y/y

Analysis

The number of air passengers passing through Alberta's three largest airports increased by 0.2% in July 2019 compared to the same period a year earlier, with 50.3% of those passengers coming through Calgary International Airport as domestic passengers. Edmonton transborder passengers had the largest year-over-year drop (-14.2%) compared with July 2019, while Calgary international passengers saw the largest year-over-year increase (+17.9%).
 
Alberta
By Flight Type

Top Updates on Major Projects This Week

Rossdale Redevelopment (Rivers Crossing) - https://majorprojects.alberta.ca/details/Rossdale-Redevelopment-Rivers-Crossing/3915
The project would revitalize the Rossdale district, and site of the former Rossdale power plant. The budget would create new streets, sewers and open spaces while also including initial renovation work on the power plant.

The project was [Read More]

Greenview Geothermal Power Plant - https://majorprojects.alberta.ca/details/Greenview-Geothermal-Power-Plant/3916
The proposed geothermal power plant will be the first large -scale geothermal facility in the province. The $58-million project has received $25.45-million in funding through Natural Resources Canada (NRCan). Nearly 200 workers will be employed [Read More]

Ross Sheppard High School Modernization - https://majorprojects.alberta.ca/details/Ross-Sheppard-High-School-Modernization/387
Modernization of Ross Sheppard High School. The project will look to update the school, including classrooms, the gym, and the building envelope/structure.

The Theodore Residential Development - https://majorprojects.alberta.ca/details/The-Theodore-Residential-Development/3917
Construction of a 10 storey, 115 unit apartment complex in Calgary. Ground-level will feature retail spaces, and the building will include a 2 storey underground parkade.

New Publication Editions This Week

Oil and Gas Quarterly
September 5, 2019

Information on the activities occurring in the oil and gas industry, including government and industry updates and detailed project listings.

Contact

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