Over the past decade, Alberta has seen the second highest annual GDP growth in the country between 2009-2019, ahead of the Canadian average. Despite significant global challenges in 2020, Alberta’s economy is resilient. Alberta is projected to rebound at a forecast of 5.9% in 2021.
Forecasted Economic Growth – Real GDP % Annual Change 2021
Source: Statistics Canada, RBC Economics
Many companies, both Canadian and international, choose to locate their headquarters in Alberta. Calgary is Western Canada’s head office centre and has the concentration of head offices of any major city in Canada.
As a result, the city has become one of the country’s global finance centres. Many of the world’s most prominent firms have a presence in Alberta.
Led by capital intensive industries like oil and gas, Alberta invests more per capita than any other province. In 2019, Alberta spent nearly double the Canadian average on capital investments.
There were 700 major projects proposed or under construction in 2019. This represents a total of more than $160 billion in investments.
Alberta has also seen record-high venture capital investments. Companies received $36 billion in private equity and $1.3 billion in VC funding in 2020 — setting a record-breaking year for VC investment in the province. Alberta is also home to the second most private equity firms in the country.
Investment per capita almost double the Canadian average
Source: Statistics Canada Table 34-10-0035-01
Venture CAPITAL IN ALBERTA
Alberta posted a record year in 2020 for venture capital investment. During 2020, 51 deals were completed, representing a total of $455 million in investment.