Edmonton’s economic growth has been driven by several key factors:
- Energy Resources: Increased international demand for energy resources has been a significant contributor to Edmonton’s GDP growth
- Clean Energy Sectors: Rising activity and investment in clean energy sectors are also contributing to economic expansion
- Manufacturing Sector: There has been a remarkable 50% increase in sales in the manufacturing sector since January 2020, with a Compound Annual Growth Rate (CAGR) of 29% over the last two years
- Stable Money Markets: Despite inflation, stable money markets and increased production have helped mitigate the impact on consumer purchasing
- Affordable Housing Market: The affordability of the housing market in Edmonton enhances its attractiveness for talent retention
- Labor Force Growth: Sustained growth in the labor force through immigration helps to mitigate concerns related to an aging population
- Business Confidence: An uptick in business confidence influences investment decisions and positively impacts aggregate demand
These factors collectively contribute to the resilience and continued economic growth of the Edmonton region. The city is expected to outperform Alberta’s GDP growth in 2023 and 2024, with strategic investments in diverse sectors and prudent economic policies playing a crucial role.
