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Tuesday, December 13, 2005

Edmonton Economic News

The following is from the Edmonton Economic Development Corporation. The numbers tell the story...

With the fifth largest metro economy and the highest rate of GDP growth in the past decade, the Edmonton region will continue to benefit from $84.5 billion in capital investment in northern Alberta in the coming years, including $14.5 billion on our own doorstep.

Greater Edmonton’s economy grew by 6.0% in 2004, the second highest rate for a major Canadian city — and its growth is expected to rank it in the top three for the foreseeable future.

Greater Edmonton is the best place in Canada to grow your business.

Greater Edmonton has benefited greatly from Alberta’s enviable fiscal position, resource investment and rising oil and gas prices. Here are some key indicators of Greater Edmonton’s current economic strength:

  • Greater Edmonton is the fifth largest metro economy in Canada and had a cumulative GDP growth of 49% over the past ten years, highest in Canada
  • Greater Edmonton was second among large Canadian cities in 2004 with GDP growth of 6%. GDP growth in
    2005 is forecast to be 2%, and average 3.2% from 2006 - 2009.
  • Total economic activity in the region (real GDP) is forecast to be $41.5 billion in 2005 and $43.1 billion in 2006.
  • Greater Edmonton became the sixth metropolitan region in Canada to pass one million in population.
  • Approximately $108.6 billion worth of projects are announced, planned or under construction in Alberta.
  • Approximately $84.5 billion will be in northern Alberta and $14.5 billion in the Edmonton region.
  • Effects of this investment are expected to include: continued migration to Greater Edmonton, higher employment and moderately higher incomes, increased disposable income and higher consumer spending.

For more statistics and analysis about economic activity in the region, check out the 2006 Greater Edmonton Economic Outlook available at www.edmonton.com/statistics.

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