Talk about the Alberta advantage. A new outlook projects the two major cities in the province to lead the rest of Canada in growth this year.
The latest Canada Metros Outlook from Oxford Economics found that both Edmonton and Calgary’s GDP will be at the top of the pack, outpacing the national average.
For 2022, the outlook forecasts that the Alberta metros of Edmonton and Calgary will be the fastest-growing major metros, with GDP growth of 5.6% and 6.6%, respectively.
The sharp rise is in part due to high global demand for oil, which causes Calgary and Edmonton to lead all metros in GDP and employment growth.
The slowest growth in 2021 amongst the 10 major metros is expected to be in Halifax, Nova Scotia, and among the smaller metro areas, Oshawa, Ontario.
Looking forward to the future even, the forecast for 2022 to 2026 still shows Calgary and Edmonton as the juggernauts for growth in the country.
“Calgary and Edmonton sit beyond the rest of the major Canadian metros in terms of GDP growth, and both lead in employment growth as well,” the outlook states.
“Growth in these two metros will mostly be driven by their large oil & gas sectors, although their diversifying economies will play a part as well.”
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