Economic Highlights for the Week of September 30, 2019

Information & Updates

Economic Highlights for the Week of September 30, 2019

A weekly update of Economic Highlights.

Economic Dashboard Indicators Updated This Week

POPULATION

Q3 2019

4.4M

1.6% y/y

Analysis

In Q3 2019, Alberta's population reached 4.37 million, up 70,595 or 1.6% from Q3 2018. The national growth rate was 1.4% over the same period, with both PEI and Ontario leading provincial growth at 2.2% and 1.7%, respectively.
 
Alberta
By Province

CATTLE PRICE

Aug 2019

$135.31($/hundredweight)

0.6% y/y

Analysis

Cattle prices in Alberta had a slight increase of 0.6% in August 2019 compared to the same time period a year earlier, to $135.31 per hundredweight, the highest price in Canada. Calf prices fell by 3.5% year-over-year in August 2019 to $169.49 per hundredweight. Hog prices had a considerable jump of 47.7% in August 2019 compared to the same period a year earlier, to $90.06 per hundredweight.
 
Alberta Cattle
Cattle By Province
Alberta Calves
Alberta Hogs

OIL PRODUCTION

Aug 2019

17.8M(m3)

-3.1% y/y

Analysis

Oil production in Alberta was 17.81 million cubic metres in August 2019, down 3.1% compared to August 2018. Non-conventional (or oil sands) production, which constituted 84.2% of all oil production in Alberta in August 2019, decreased by 2.6% year-over-year, while production of conventional oil was down 5.6% over the same time frame.
 
Alberta
By Type of Oil

NET MIGRATION

Q2 2019

12,899

40.4% y/y

Analysis

In the second quarter of 2019, net migration into Alberta totaled 12,899, compared with a net inflow of 9,189 in the same quarter of 2018, an increase of 40.4%. Net inter-provincial migration into Alberta was +471 in the second quarter of 2019, up from -791 a year earlier. Net international migration reached 12,482, increasing 25.1% from 9,980 net international migrants entering Alberta a year earlier. Nationally, net migration rose 9.5% in the second quarter of 2019 compared to the same time last year.
 
Alberta
By Province
By Type

BANKRUPTCIES

Aug 2019

13

-43.5% y/y

Analysis

The number of Alberta business bankruptcies in August 2019 decreased by 43.5% from the same period a year ago, from 23 to 13. The number of Canadian bankruptcies decreased by 15.3% over the same time period. Consumer bankruptcies in Alberta increased by 8.5%, from 423 in August 2018, to 459 in August 2019.
 
Alberta
By Province
By Type

WHEAT PRICE

Aug 2019

$241.33($/metric tonne)

-6.4% y/y

Analysis

In August 2019, Alberta non-durum wheat prices, which include the weighted average prices of milling and other wheat excluding durum, recorded $241.33/metric tonne, down 6.4 % from August 2018. Durum wheat was $257.61/metric tonne in August 2019, 0.1% lower than August 2018.
 
Alberta
By Province

MLS SALES VALUE

Aug 2019

$1.9B

-4.7% y/y

Analysis

The dollar volume of homes sold in Alberta through the Multiple Listing Service (MLS) decreased 4.7% to $1.94 billion in August 2019 compared to the same time period a year earlier. Nationally, total sales values were up 9.1%, with Quebec posting the largest sales increase, up 13.1% to $2.19 billion. Prince Edward Island saw the largest decrease, with total sales down 16.2% to $42.4 million year-over-year. In Alberta, Lethbridge had the only increase (+2.8%), while Red Deer had the largest year-over-year decrease (-20.4%).
 
Alberta
By Province
By City

WELLS DRILLED

Jul 2019

341

-32.9% y/y

Analysis

The number of exploratory and development wells drilled in July 2019 decreased by 32.9% from the same period a year earlier, from 508 to 341 wells. Development oil wells, which made up the largest portion (56.6%) of wells drilled in July 2019, decreased by 18.2% year-over-year.
 
Alberta
By Type

MERCHANDISE EXPORTS

Aug 2019

$9.7B

-12.7% y/y

Analysis

Alberta's international merchandise exports were $9.74 billion in August 2019, a decrease of 12.7 % over August 2018. Canadian exports declined by 3.5% over the same period. In Alberta, the largest year-over-year gains were in industrial machinery and equipment (+16.3%) and consumer goods (+ 9.1%.), while the largest declines included forestry and building products ( -23.4%) and energy products (-14.0%).
 
Alberta
By Province
By Commodity

BUSINESS INCORPORATIONS

Sep 2019

2,996

-7.8% y/y

Analysis

In September 2019, the number of businesses incorporated in Alberta totalled 2,996, a decrease of 7.8% from the same period a year earlier. Alberta incorporations were down 8.4% to 2,686, while non-Alberta incorporations decreased 2.2% from a year earlier to 310.
 
Alberta
By Type

AIR PASSENGERS

Aug 2019

2.6M

-2.0% y/y

Analysis

The number of air passengers passing through Alberta's three largest airports decreased by 2.0% in August 2019 compared to the same period a year earlier, with 50.5% of those passengers coming through Calgary International Airport as domestic passengers. Edmonton transborder passengers had the largest year-over-year drop (-20.3%) compared with August 2018, while Calgary international passengers saw the largest year-over-year increase (+20.1%).
 
Alberta
By Flight Type

Top Updates on Major Projects This Week

Integrated Propane Dehydrogenation and Polypropylene Plant - https://majorprojects.alberta.ca/details/Integrated-Propane-Dehydrogenation-and-Polypropylene-Plant/1940
This plant could consume approximately 22,000 barrels per day of propane and produce up to 550,000 tonnes per year of polypropylene. This product would be shipped globally in pellet form. The complex is expected to create 150 permanent full-time [Read More]

Riverfront Landing Mixed Use Development - https://majorprojects.alberta.ca/details/Riverfront-Landing-Mixed-Use-Development/3924
The proposed project will see a mixed-use village containing 28 and 26 storey towers along Bellerose Drive overlooking the Sturgeon River.

Frozen Potato Processing Plant - https://majorprojects.alberta.ca/details/Frozen-Potato-Processing-Plant/3397
Project is the largest private investment in Lethbridge history. The potato processing plant will be able to handle 15,000 acres of potato crop annually. This project will create 400 construction jobs, and support up to 190 full time jobs upon [Read More]

Regional Dashboard Indicators Updated This Week

MEDIAN FAMILY INCOME

2017

$87,674

-1.2% y/y change

Analysis

In 2017, the median family income across Alberta municipalities reached $87,674. There were 303 municipalities with median family income data in 2017. Of these, 280 had an increase, while 23 experienced a decrease. The municipalities (over 1000 pop.) with the highest five-year growth rates were: Smoky River No. 130 (60.28%), Improvement District No. 9 Banff (58.77%), and Siksika 146 (57.08%).
ALBERTA OVERVIEW

COUPLE FAMILIES MEDIAN INCOME

2017

$95,265

-1.1% y/y change

Analysis

The median income of couple-families averaged $95,265 in 2017. There were 303 municipalities with couple families median income data in 2017. Of these, 287 had an increase, while 16 experienced a decrease. The municipalities (over 1000 pop.) with the highest five-year growth rates were: Smoky River No. 130 (73.68%), Improvement District No. 9 Banff (61.04%), and Stony Plain 135 (53.08%).
ALBERTA OVERVIEW

AVERAGE LONE-PARENT FAMILIES MEDIAN INCOME

2017

$49,345

0.3% y/y change

Analysis

On average, median income for lone-parent families across Alberta's municipalities was $49,345 in 2017. There were 269 municipalities with lone-parent families median income data in 2017. Of these, 168 had an increase, while 97 experienced a decrease.
ALBERTA OVERVIEW

AVERAGE MUNICIPAL MILL RATE

2019

0.0% y/y change

Analysis

The municipal mill rate across Alberta municipalities averaged in 2019. There were 276 municipalities with municipal mill rate data in 2019. Of these, 164 had an increase, while 71 experienced a decrease. 41 saw no change.
ALBERTA OVERVIEW

Contact

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