Canada’s Economy Boosted by Oil Rich Region

Looking deeper into last Friday’s jobs numbers, BMO’s Benjamin Reitzes says the Statistics Canada report “reinforced that the Alberta economy is in a league of its own.”

Employment in Alberta, home to Canada’s oil industry, has climbed 3.2 per cent over the course of a year, compared to just 0.1 per cent for the rest of Canada.

“That’s +71,200 jobs for Alberta and $14,300 for the rest of the country – note that Alberta accounts for just over 11 per cent of the country’s population,” Mr. Reitzes said.

“Six of 10 provinces saw employment drop below year-ago levels, including all five east of Ontario,” he added.

“Alberta’s energy sector continues to suck in workers, while the rest of Canada battles slowing domestic demand and the legacy of a strong loonie and weak productivity.”

Separately, as The Globe and Mail’s Tara Perkins reports today, Calgary’s housing market is red hot.

via The Globe and Mail

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