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I thought I'd ask the people who actually live in Calgary about what they think of the city's prospects going forward. There are reports of people starting to accept less well paying jobs to make ends meet and of people just up and leaving the province.
Anybody interested in sharing their views on the city's prospects in the next few years?
Calgary has experienced many similar ups and downs over the last few decades, some more severe and others more manageable. This recession is on the more severe end, in part because the oil price crash was followed by a number of serious natural disasters. What most Canadians didn't realize, as they cheered the economic collapse of Alberta, were the national repercussions.
"According to briefing notes acquired through access to information requests, the federal government is just as worried about the state of affairs in Alberta.
...
Individually, each report is interesting. Collectively they show a federal government that is well aware of Alberta's position as a significant economic engine in Canada and is worried that as that engine stalls, it will cause the national economy to sputter.
...
Alberta represented nearly 20 per cent of Canada's GDP in 2014, with just 12 per cent of the population.
...
A briefing prepared for the minister of natural resources made the case that a lack of pipeline infrastructure to access global markets cost Canadian producers $7 billion a year between 2011 and 2013, a total of $21 billion over three years. That amounted to one per cent of Canada's GDP."
The biggest concern nationally is very likely the equalization payments that will not be available from Alberta to the have-not provinces.
In Calgary, job loss is common, especially amongst well educated professionals. That filters down to every industry, including nannies, clothing shops, and restaurants, which in turn close their doors permanently. The safest place to work in Calgary is government/education. Food prices are up, and even those who previously chose food on the basis of quality are now inclined to shop for the best price. Calgary will weather the storm, as it has in each similar storm before, but the rest of the country has yet to feel the loss of equalization payments.
I agree with mikeyyc that the latter half of 2017 and early part of 2018 will show a turnaround. That success may be somewhat dependent on pipelines - which are of national interest.
Calgary has experienced many similar ups and downs over the last few decades, some more severe and others more manageable. This recession is on the more severe end, in part because the oil price crash was followed by a number of serious natural disasters. What most Canadians didn't realize, as they cheered the economic collapse of Alberta, were the national repercussions.
"According to briefing notes acquired through access to information requests, the federal government is just as worried about the state of affairs in Alberta.
...
Individually, each report is interesting. Collectively they show a federal government that is well aware of Alberta's position as a significant economic engine in Canada and is worried that as that engine stalls, it will cause the national economy to sputter.
...
Alberta represented nearly 20 per cent of Canada's GDP in 2014, with just 12 per cent of the population.
...
A briefing prepared for the minister of natural resources made the case that a lack of pipeline infrastructure to access global markets cost Canadian producers $7 billion a year between 2011 and 2013, a total of $21 billion over three years. That amounted to one per cent of Canada's GDP."
The biggest concern nationally is very likely the equalization payments that will not be available from Alberta to the have-not provinces.
In Calgary, job loss is common, especially amongst well educated professionals. That filters down to every industry, including nannies, clothing shops, and restaurants, which in turn close their doors permanently. The safest place to work in Calgary is government/education. Food prices are up, and even those who previously chose food on the basis of quality are now inclined to shop for the best price. Calgary will weather the storm, as it has in each similar storm before, but the rest of the country has yet to feel the loss of equalization payments.
I agree with mikeyyc that the latter half of 2017 and early part of 2018 will show a turnaround. That success may be somewhat dependent on pipelines - which are of national interest.
Thanks for your input.
You wrote: "..as they cheered the economic collapse of Alberta.." lol.. Where'd you get that from?
Most of the problems Alberta faces comes from the collapse in oil prices, which last I checked has nothing to do with anyone 'out east', and also due to the fact that klein made a sweetheart deal with the oil companies in the 90s that saw them pay virtually nothing in royalties to the *provincial* treasury, shortchanging the province out of billions of dollars in taxes during boom times.
The pipeline issue is so controversial that even the last sitting prime minister, with all his considerable powers at his disposal, couldn't get one approved for the 5 years that he enjoyed a majority government. Bottom line is that most people want the oil companies to internalize the 'externalities' of Oil production and not force the rest of the population to clean up any mess they cause while conducting their business. Also, some people want oil extraction to end immediately, as they feel that the costs of dealing with climate change in the future will vastly outweigh the benefits of exploiting the resource. In a democracy, those people have a right to make their case too.
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. Where'd you get that from?
