Will Population Growth Help Alberta’s Economy Recover?
- October 4, 2015
- By Cody Battershill
According to analysts at ATB Financial, the answer is yes!
If you happen to be an economist or understand economics then you already know that demographics are one of the most integral parts to understanding the field. Therefore, without the day-to-day business that people go about in an area and that area’s population growth over time, an economy simply shouldn’t grow.
So that begs us to ask what is Alberta’s projected population growth over the next few years and will it help the economy recover from the slouch it is currently in? See more at Despite Economy, Alberta Population Keeps on Growing.
Latest Statistics
The latest information released by Statistics Canada shows that as of July 1st, 2015, Alberta’s population was at 4,196,457 people. According to the latest version of ATB Financial’s Alberta Economic Outlook, that number is supposed to grow by approximately 1.4 percent next year and 1.5 percent in 2017.
Alberta’s project population growth may not be as big as in recent years, but is substantial enough to likely benefit the construction and retail industries.
On the downside, increased population growth can suck up resources in the healthcare and service industries which are closely tied to the amount of people living in an area.
Recent Population Growth
According to ATB Financial, interprovincial migration numbers for the second quarter of 2015 are higher than the average of 7,000 over the past five years – with 8,264 people moving to the province between April and June.
However, for the third and fourth quarters in 2015, the amount of people relocating to Alberta is predicted to drop along with residential home prices and employment opportunities.
But then and again, Alberta isn’t the only province experiencing economic downturn; the entire country is and many people may still consider moving here as job prospects might remain better than where they currently live in Canada.
If history is any indicator of the future, then this is a fair prediction.
More Canadian Economics
For more economic updates concerning Calgary, Alberta and Western Canada, check out our Canadian Economics Summary today.
