Economic Highlights for the Week of February 3, 2020

Information & Updates

Economic Highlights for the Week of February 3, 2020

A weekly update of Economic Highlights.

Information & Updates

Economic Highlights for the Week of February 3, 2020

Economic Dashboard Indicators Updated This Week

UNEMPLOYMENT RATE

Jan 2020

7.3%

0.5% y/y

Analysis

In January 2020, Alberta's seasonally adjusted unemployment rate was 7.3%, an increase of 0.5 percentage points from January 2019. The national unemployment rate was 5.5% in January 2020, 0.3 percentage points lower than the same period in 2019.
 
Alberta
By Province
By Demographic

CATTLE PRICE

Dec 2019

$139.42($/hundredweight)

2.9% y/y

Analysis

Cattle prices in Alberta increased by 2.9% in December 2019 compared to the same time period a year earlier, to $139.42 per hundredweight, the highest price in Canada. Calf prices increased by 3.1% year-over-year in December 2019 to $183.43 per hundredweight. Hog prices increased by 9.5% in December 2019 compared to the same period a year earlier, to $68.41 per hundredweight.
 
Alberta Cattle
Cattle By Province
Alberta Calves
Alberta Hogs

OIL PRODUCTION

Dec 2019

18.4M(m3)

1.6% y/y

Analysis

Oil production in Alberta was 18.42 million cubic metres in December 2019, up 1.6% compared to December 2018. Non-conventional (or oil sands) production, which constituted 84.2% of all oil production in Alberta in December 2019, increased by 1.8% year-over-year, while production of conventional oil was up 0.5% over the same time frame. Oil production in Alberta increased 0.9% in 2019 over 2018 production to 204.5 million cubic metres.
 
Alberta
By Type of Oil

ACTIVE DRILLING RIGS

Jan 2020

153

3.4% y/y

Analysis

The average number of active drilling rigs in January 2020 was 153, increasing by 5 (+3.4%) from January 2020. The number of inactive rigs decreased by 18.3% from 241 to 197 over the same period.
 
Alberta
By Type

EMPLOYMENT

Jan 2020

2.3M

-0.4% y/y

Analysis

Total employment in Alberta decreased by 18,900 jobs between December 2019 and January 2020. On a year-over-year basis, employment decreased by 9,300 jobs or -0.4% in January. Over the same period, Canada's employment increased by 1.4% or by 267,700 jobs. Part-time employment had the largest year-over-year change, growing 0.7% compared to January 2019. Full-time employment decreased by 0.6% over the same period.
 
Alberta
By Province
By Type of Work

WHEAT PRICE

Dec 2019

$233.62($/metric tonne)

-8.8% y/y

Analysis

In December 2019, Alberta non-durum wheat prices, which include the weighted average prices of milling and other wheat excluding durum, recorded $233.62/metric tonne, down 8.8% from December 2018. Durum wheat was $296.82/metric tonne in December 2019, 23.7% higher than December 2018.
 
Alberta
By Province

MERCHANDISE EXPORTS

Dec 2019

$10.0B

13.1% y/y

Analysis

Alberta's international merchandise exports were $10.05 billion in December 2019, an increase of 13.1% over December 2018. Canadian exports increased by 6.9% over the same period. In Alberta, the only year-over-year gains were in industrial machinery and equipment (+8.3%) and energy products (+23.8%), while the largest declines included farm, fishing and intermediate food products (-13.1%) and basic and industrial chemical, plastic and rubber products (-13.4%). For the year, Alberta's merchandise exports were $117.03B, down -0.6% in 2019 compared to the previous year.
 
Alberta
By Province
By Commodity

BUSINESS INCORPORATIONS

Jan 2020

3,752

-3.9% y/y

Analysis

In January 2020, the number of businesses incorporated in Alberta totalled 3,752, a decrease of 3.9% from the same period a year earlier. Alberta incorporations were down 2.8% to 3,378, while non-Alberta incorporations decreased 12.8% from a year earlier to 374.
 
Alberta
By Type

Top Updates on Major Projects This Week

Brio Apartments - http://majorprojects.alberta.ca/details/Brio-Apartments/3716
The project will create a 12-storey high-rise with 130,000 square feet of rental housing (163 units) to be managed by Boardwalk and 10,000 square feet of retail to be managed by RioCan. The estimated total cost of construction is up to $80 [Read More]

Victoria Park - Stampede Station Modernization - http://majorprojects.alberta.ca/details/Victoria-Park-Stampede-Station-Modernization/4026
The project will modernize the Victoria Park/Stampede C-Train Station. The platforms will also be enlarged, lowered, and create tow at grade pedestrian crossings.

17th Avenue Stampede Crossing - http://majorprojects.alberta.ca/details/17th-Avenue-Stampede-Crossing/4025
Details include the extension of 17th Street, including crossing over Macleod Trail, through Stampede Park, and over the Elbow River.

Airdrie Library - http://majorprojects.alberta.ca/details/Airdrie-Library/4027
The project aims to replace Airdries' ageing library with a new library at the site of Airdries' former fire hall on Main Street. Functional planning is underway and the project aims to be completed in 2024.

Contact

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