Economic Highlights for the Week of March 16, 2020

Information & Updates

Economic Highlights for the Week of March 16, 2020

A weekly update of Economic Highlights.

Economic Dashboard Indicators Updated This Week

POPULATION

Q1 2020

4.41M

1.8% y/y

Analysis

In Q1 2020, Alberta's population reached 4.41 million, up 77,378 or 1.8% from Q1 2019. The national growth rate was 1.6% over the same period, with PEI and Ontario leading provincial growth at 2.0% and 1.9%, respectively.
 
Alberta
By Province

NET MIGRATION

Q4 2019

12,015

44.5% y/y

Analysis

In the fourth quarter of 2019, net migration into Alberta totaled 12,015, compared with a net inflow of 8,313 in the same quarter of 2018, an increase of 44.5%. Net inter-provincial migration into Alberta was +2,252 in the fourth quarter of 2019, up from +780 a year earlier. Net international migration reached 9,763, increasing 42.7% from 6,841 net international migrants entering Alberta a year earlier. Nationally, net migration rose 46.4% in the fourth quarter of 2019 compared to the same time last year.
 
Alberta
By Province
By Type

CONSUMER PRICE INDEX

Feb 2020

145.5

2.5% y/y

Analysis

On a year-over-year basis, Albertans paid 2.5% more in February 2020 for the goods and services that comprise the Consumer Price Index (CPI) than in the same month a year ago, above the national average rise in CPI of 2.2%. All product categories, except household operations (-1.0%) rose, with transportation seeing the largest gain at 4.4%.
 
Alberta
By Province
By Type

RETAIL TRADE

Jan 2020

$6.9B

2.1% y/y

Analysis

Alberta's retail trade value increased by 2.1% in January 2020 compared to January 2019, to $6.89 billion. Nationally, retail sales increased by 3.4% over the same time frame. In Alberta, gasoline sales (+9.3%) saw the largest increase, while Sporting goods, hobby, book & music had the largest decrease (-23.2%).
 
Alberta
By Province
By Product

MLS SALES VALUE

Feb 2020

$1.3B

12.0% y/y

Analysis

The dollar volume of homes sold in Alberta through the Multiple Listing Service (MLS) increased 12.0% to $1.3 billion in February 2020 compared to the same time period a year earlier. Nationally, total sales values were up 46.2%, with British Columbia posting the largest sales increase, up 41.8% to $4.4 billion. In Alberta, Lethbridge had the largest increase (+24.1%).
 
Alberta
By Province
By City

NATURAL GAS PRICE

Jan 2020

$2.06($CDN/GJ)

32.9% y/y

Analysis

The price of natural gas in December 2019 was CDN$2.06 per gigajoule, up 32.9% from January 2019.
 
Alberta

MANUFACTURING SALES

Jan 2020

$6.3B

0.0% y/y

Analysis

In January 2020, the value of Alberta's manufacturing sales was relatively unchanged from January 2019 at $6.3B. Machinery products (+13.5%), Petroleum and Coke (+12.2%), and Food (+8.4%) were the only categories to see an increase, while chemicals had the largest decrease (-14.6%).
 
Alberta
By Province
By Industry

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
The project was expected to come online in 2023 but was deferred on March 18, 2020, due to market conditions.

Peace Pipeline Expansion Phase 7 - https://majorprojects.alberta.ca/details/Peace-Pipeline-Expansion-Phase-7/3775
The project was expected to be in service in 2021 but was deferred on March 18, 2020, due to market conditions.

Peace Pipeline Expansion Phase 8 - https://majorprojects.alberta.ca/details/Peace-Pipeline-Expansion-Phase-8/3776
The project was expected to be in service in stages between 2020 and 2022 but was deferred on March 18, 2020, due to market conditions.

Empress Cogeneration Power Facility - https://majorprojects.alberta.ca/details/Empress-Cogeneration-Power-Facility/4070
The project was estimated to come online in 2023 but was deferred on March 18, 2020, due to market conditions.

Contact

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