Alberta’s economic growth to leap from last place in 2019 to country-leading in 2020: Conference Board

Alberta will see only mild economic growth in 2019 as the province continues to absorb the effects of oil production cuts and depressed energy investment, but the outlook is much rosier for 2020, the Conference Board of Canada says in a new forecast.

The board’s Provincial Outlook, released Wednesday, forecasts that Alberta’s real GDP growth will slip to 1.3 per cent this year, trailing every other province.

“Economic growth in Alberta will slow markedly this year as the province continues to crawl its way back from the recession it suffered in 2015–16,” says the report written by Marie-Christine Bernard, the board’s director of provincial forecasting.

Real business investment in the province is expected to fall again this year — the fifth consecutive year of losses.

From last to 1st in growth by 2020

But Bernard says several factors will help propel Alberta’s economic growth rate from last place this year to first place — at 3.5 per cent — in 2020.

“Positive signals on the oil front have improved the outlook in the oil and gas sector,” Bernard said. 

Alberta’s economy is expected to grow by just 1.3 per cent in 2019. (Conference Board of Canada)

In 2020, Alberta is predicted to surge to first place from last place among the provinces in terms of economic growth. (Conference Board of Canada)

Mandatory oil production cuts that pushed oil inventory levels five million barrels below 2018 levels have helped to shore up Western Canadian Select prices.

And investment is expected to accelerate in 2020 as those production cuts are lifted and as clean power initiatives go ahead, such as Suncor’s replacement of coke-fired boilers with natural gas-fired units. Imperial Oil’s Aspen project will also be entering its second year of construction, Bernard notes.

This year, employment is expected to get a 1.1 per cent bump — with a gain of 8.8 per cent in the manufacturing sector — partly driven by ramped up production at the new Sturgeon Refinery near Edmonton.

Several big projects in Alberta’s energy sector are forecast to help boost employment over the next several years, the Conference Board of Canada says. (Conference Board of Canada)



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Sherwood Park

Sherwood Park is a large hamlet in Alberta, Canada within Strathcona County that is recognized as an urban service area.[7] It is located adjacent to the City of Edmonton’s eastern boundary,[8] generally south of Highway 16 (Yellowhead Trail), west of Highway 21 and north of Highway 630 (Wye Road).[9] Other portions of Sherwood Park extend beyond Yellowhead Trail and Wye Road, while Anthony Henday Drive (Highway 216) separates Refinery Row to the west from the balance of the hamlet to the east.[9]

Sherwood Park was established in 1955 on farmland of the Smeltzer family, east of Edmonton. With a population of 70,618 in 2016,[6] Sherwood Park has enough people to be Alberta’s seventh largest city, but technically retains the status of a hamlet. The Government of Alberta recognizes the Sherwood Park Urban Service Area as equivalent to a city.

History

Sherwood Park, originally named Campbelltown, was founded by John Hook Campbell and John Mitchell in 1953 when the Municipal District of Strathcona No. 83 approved their proposed development of a bedroom community east of Edmonton. The first homes within the community were marketed to the public in 1955. Canada Post intervened on the name of Campbelltown due to the existence of several other communities in Canada within the same name, so the community’s name was changed to Sherwood Park in 1956.
Geography

The Sherwood Park Urban Service Area is located in the Edmonton Capital Region along the western edge of central Strathcona County adjacent to the City of Edmonton.[8] The majority of the community is bound by Highway 16 (Yellowhead Highway) to the north, Highway 21 to the east, Highway 630 (Wye Road) to the south, and Anthony Henday Drive (Highway 216) to the west. The Refinery Row portion of Sherwood Park is located across Anthony Henday Drive to the west, between Sherwood Park Freeway and Highway 16. Numerous developments fronting the south side of Wye Road, including Wye Gardens, Wye Crossing, Salisbury Village and the Estates of Sherwood Park, are also within the community. Lands north of Highway 16 and south of Township Road 534/Oldman Creek between Range Road 232 (Sherwood Drive) to the west and Highway 21 to the east are also within the Sherwood Park urban service area.

Originally posted 2019-02-27 10:47:44. Republished by Blog Post Promoter

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