The Chamber of Commerce in Calgary has released its report, the 2013 Economic Outlook, on Tuesday. According to this report Calgary is expected to become an economic leader in Canada next year as employment growth continues to rise along with the demand for office space in this city.
Construction markets are also expected to stay strong as is the real estate market for residential sales. It's expected that at the end of 2012 Calgary will be reporting a GDP growth of 4% - 4.2%, making it one of the economic leaders of Canada.
The report also states that the economies in Alberta and Calgary have both exceeded the expectation for growth both last year and in 2012. Not only that, but the report also goes on to add that a 3.5% - 3.8% economic growth is forecast for 2013.
All eyes across the country will be on Alberta and Calgary as they will continue to weather the global economic storm.
As long as rates of interest continue to remain low and the economy stable in the province it's quite possible for business investment to increase or remain persistent in the upcoming year. In this instance labor shortages would be the strongest threat to continued economic growth.
Investments in infrastructure are remaining strong and the growth in Alberta is pretty much supply constrained. It's very likely that 2013 and probably 2014 will be Alberta’s years to shine as it leads the pack in this country for economic stability and growth.
Warren Jestin, chief economist and senior vice president with Scotiabank is presenting his economic outlook this week at the Calgary Chamber of Commerce and the Calgary Real Estate Forum. He is predicting that Alberta will be seeing more smiles in the upcoming future than just about any other area in Canada.
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