Economic Highlights for the Week of October 28, 2019

Information & Updates

Economic Highlights for the Week of October 28, 2019

A weekly update of Economic Highlights.

Economic Dashboard Indicators Updated This Week

OIL PRODUCTION

Sep 2019

16.7M(m3)

2.1% y/y

Analysis

Oil production in Alberta was 16.75 million cubic metres in September 2019, up 2.1% compared to September 2018. Non-conventional (or oil sands) production, which constituted 83.8% of all oil production in Alberta in September 2019, increased by 3.9% year-over-year, while production of conventional oil was down 6.2% over the same time frame.
 
Alberta
By Type of Oil

AVG WEEKLY EARNINGS

Aug 2019

$1,163

1.3% y/y

Analysis

In August 2019, average weekly earnings in Alberta were $1,163, a 1.3% increase from August 2018. Alberta's August average wage was the highest in the country. Nationally, average weekly earnings were $1,032 in August 2019, up 3.1% from the same period in 2018.
 
Alberta
By Province

JOB VACANCIES

Jul 2019

37,700

-10.2% y/y

Analysis

In July 2019, the number of job vacancies in Alberta decreased by 10.2% from July 2018 to 37,700 vacancies. Over the same time frame, Canadian vacancies increased by 1.4% to 366,600.
 
Alberta
By Province

WELLS DRILLED

Aug 2019

394

-32.5% y/y

Analysis

The number of exploratory and development wells drilled in August 2019 decreased by 32.5% from the same period a year earlier, from 584 to 394 wells. Development oil wells, which made up the largest portion (47.0%) of wells drilled in August 2019, decreased by 26.0% year-over-year.
 
Alberta
By Type

Top Updates on Major Projects This Week

Bonnybrook WWTP Cogeneration Expansion - https://majorprojects.alberta.ca/details/Bonnybrook-WWTP-Cogeneration-Expansion/3946
Upgrade and expansion of the Bonnybrooks Waste Water Treatment Plant's existing Power Generation and Heating facility, including a building addition, new 4MW combustion turbine generator, new 1MW steam turbine generator, new steam boilers, new fuel [Read More]

Bassano Dam Upgrades - https://majorprojects.alberta.ca/details/Bassano-Dam-Upgrades/138
Construction of a cast in place concrete spillway to at the Bassano Dam. The new spillway will be able to handle 70% more water flow than what was experienced during the Southern Alberta floods in 2013.

Points West Living Red Deer Expansion - https://majorprojects.alberta.ca/details/Points-West-Living-Red-Deer-Expansion/3923
Points West Living will add 150 assisted living units (75 long-term care, 75 dementia care) to the north side of its existing 139 unit facility. Project is located at 6950 Taylor Drive and is estimated to be complete in 2021.

The View Residential Tower - https://majorprojects.alberta.ca/details/The-View-Residential-Tower/3951
The project involves the construction of a 23 storey tower that will contain 178 residential suites in the Grandin neighbourhood, in central Edmonton. The tower is estimated to reach 249ft in height upon completion.

Contact

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