Alberta’s year-end economic highlights

“Over the course of the year, Alberta has continued to cement its position as the economic engine of Canada due to our highly skilled workforce, business-friendly environment, low taxes and diversified economy. It is clear that our government has set the foundation for Alberta’s economic success for many years to come.

“Alberta continues to drive national employment growth with Alberta’s private sector. A remarkable 40 per cent of Canada’s private sector employment growth came from our province.

“Our government’s policies are further building the Alberta Advantage and strengthening our reputation as a world-class investment destination. We are highly competitive and attracting investors from around the world.

“This year was another one for the books, with our province landing major projects like Linde’s $2-billion clean hydrogen facility, which will supply Dow’s $11.6-billion net-zero petrochemical project. These major investments show that our government’s policies are helping attract big investments and creating high-quality jobs, with major economic output for Albertans.

“Through our Investment and Growth Fund, our province closed the deal on three major investments in 2024, including Fortinet’s cybersecurity facility in Calgary, Logistik Unicorp’s hemp processing facility in Elk Point and NewCold’s food storage facility in Coaldale, which are projected to support a combined 176 full time and 330 temporary jobs for Albertans. These initial investments will help boost local economies across Alberta and provide more job opportunities as these companies continue to prosper and grow.

“Our recently updated Film and Television Tax Credit program is also making our province an even more attractive place to do business. Productions such as the much-anticipated Season 2 of My Life with the Walter Boys are revitalizing communities across the province, investing in hospitality and backing Alberta jobs. This calendar year, the government authorized 34 productions through the program. These productions are estimated to spend $29.1 million in Alberta that will generate $72.32 million in GDP and support 1,124 jobs. On top of attracting world-class, job-creating investments, this program has been successful in telling Alberta’s story on the world stage.

“Alberta’s diversified economy is driving global opportunities for our province. I joined more than 100 Alberta companies on trade missions to Japan, the UK, Argentina, UAE, Indonesia and the Philippines, boosting Alberta’s leadership in agri-food, energy and tech while strengthening ties for future business and investment growth. As Alberta’s international trade influence expands, we are shining the spotlight on our expanding trade and investment opportunities, worldwide.

“Alberta’s strong economy is attracting people, businesses and investors in record numbers, driving a surge in housing starts and major projects. This directly translates to a growing demand for skilled workers. In response, Alberta’s government launched the third phase of the Alberta is Calling campaign and a $5,000 moving bonus to draw skilled workers from across Canada to help build our expanding infrastructure.

“Last month, we also introduced the Alberta Industry Skills Grant to tackle workforce challenges and skill shortages in key sectors like aviation, aerospace, construction and technology through a $5-million grant program for employers. More jobs and opportunities for our workforce help to build the homes and infrastructure our province needs while addressing skill shortages in key industries.

“Alberta’s government has our sights set on the future. As Alberta’s diversified economy and labour market continue to grow and evolve, our government’s policies and programs evolve with it.

“As we wrap up 2024, Alberta’s economy is finishing strong, setting the stage for even bigger opportunities in 2025.”

Matt Jones

Minister of Jobs, Economy and Trade