Economic Highlights for the Week of January 13, 2020

Information & Updates

Economic Highlights for the Week of January 13, 2020

A weekly update of Economic Highlights.

Information & Updates

Economic Highlights for the Week of January 13, 2020

Economic Dashboard Indicators Updated This Week

OIL PRODUCTION

Nov 2019

17.0M(m3)

-4.1% y/y

Analysis

Oil production in Alberta was 17.05 million cubic metres in November 2019, down 4.1% compared to November 2018. Non-conventional (or oil sands) production, which constituted 83.5% of all oil production in Alberta in November 2019, decreased by 4.5% year-over-year, while production of conventional oil was down 1.6% over the same time frame.
 
Alberta
By Type of Oil

MOTOR VEHICLE SALES

Nov 2019

15,440(new vehicles)

-10.9% y/y

Analysis

The number of new motor vehicles sold in Alberta decreased by 10.9% between November 2018 and November 2019 to 15,440, while the number of motor vehicles sold in Canada decreased by 2.0% over the same period. In Alberta, sales of passenger vehicles decreased by 31.1% year-over-year, while sales of trucks (including minivans, SUVs, light and heavy trucks, vans, and buses) decreased by 7.8%. In November 2019, trucks comprised 89.5% of all vehicle sales.
 
Alberta
By Province
By Type of Vehicle

BANKRUPTCIES

Nov 2019

10

-37.5% y/y

Analysis

The number of Alberta business bankruptcies in November 2019 decreased by 37.5% from the same period a year ago, from 16 to 10. The number of Canadian bankruptcies decreased by 8.0% over the same time period. Consumer bankruptcies in Alberta increased by 9.1%, from 440 in November 2018, to 480 in November 2019.
 
Alberta
By Province
By Type

MLS SALES VALUE

Dec 2019

$977.6M

7.2% y/y

Analysis

The dollar volume of homes sold in Alberta through the Multiple Listing Service (MLS) increased 7.2% to $978 million in December 2019 compared to the same time period a year earlier. Nationally, total sales values were up 34.5%, with British Columbia posting the largest sales increase, up 62.1% to $3.95 billion. In Alberta, Fort McMurray had the largest increase (+27.9%), while Lethbridge had the largest year-over-year decrease (-22.3%). Total sales in Alberta during 2019 decreased by 2.5% compared to 2018, falling from $20.6 billion to $20.1 billion.
 
Alberta
By Province
By City

NATURAL GAS PRICE

Oct 2019

$1.63($CDN/GJ)

34.7% y/y

Analysis

The price of natural gas in October 2019 was CDN$1.63 per gigajoule, up 34.7% from October 2018.
 
Alberta

BUSINESS INCORPORATIONS

Dec 2019

3,061

1.4% y/y

Analysis

In December 2019, the number of businesses incorporated in Alberta totalled 3,061, an increase of 1.4% from the same period a year earlier. Alberta incorporations were up 1.6% to 2,826, while non-Alberta incorporations decreased 1.7% from a year earlier to 235. In 2019, the number of businesses incorporated in Alberta totalled 39,091, a decrease of 9.3% from 2018.
 
Alberta
By Type

Top Updates on Major Projects This Week

Manulife Place Modernization - http://majorprojects.alberta.ca/details/Manulife-Place-Modernization/4004
The project will transform the podium space at Manulife Place. Details include re-cladding the podium, modernization of the retail spaces, and a 45,000 square foot rooftop terrace.

The project was announced on January 14, 2020.

Skyview Apartment Complex - Building 3 - http://majorprojects.alberta.ca/details/Skyview-Apartment-Complex-Building-3/4005
The project involves the construction of the third building of the Skyview Apartment Complex in Calgary. The 6 storey building will feature 150 residential units and 19 commercial units at ground level.

A building permit was issued for the [Read More]

The Pinnacle at Kincora Phase 3 - http://majorprojects.alberta.ca/details/The-Pinnacle-at-Kincora-Phase-3/3871
Construction of a new multi-family residential development in north-west Calgary, known as The Pinnacle at Kincora (Phase 3, Building C). The building will feature 41 suites within four above-grade floors.

A building permit was issued for the [Read More]

Contact

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