Last Updated on January 24, 2019
The City of Calgary is predicted to experience not only a recovery but also economic growth in 2011, according to a new report.
The economic report, compiled and released semi-annually by Calgary Economic Development, says that although recovery will not be immediate, it is on the horizon, thanks to forecasts of growth in employment and consumer confidence, as well as labour income.
Calgary had been sustaining remarkable growth in recent years leading up to the recession. In 2006, the city’s growth was at 7.6 percent in Gross Domestic Product, one of the highest numbers in the country.
“In comparison to the real heady days of 2006 and 2007, it’s [the recovery] is going to look a lot milder,” says Calgary Economic Development president and CEO Bruce Graham. “But it’s also more sustainable and it’s a reflection we’re coming out of a difficult economic period and there’s going to be in all likelihood a few more bumps along the way.”
However, Calgary Economic Development is not alone in their predictions. Last fall a report from the Conference Board of Canada predicated Calgary to come back as Canada’s top city for economic growth from 2011 to 2014.
The Conference Board predicts growth at 3.8 percent, while Calgary Economic Development predicts a 3.3. percent growth in GDP.
Source: Calgary Herald