July 25, 2023

The Brief: Summer Economic Update on Alberta's Economy

33 minutes

Since our previous update, the hottest headline has been interest rates and the Bank of Canada's decisions to continue to increase rates to bring inflation down as quickly as possible. However, these interest rate decisions have been taking their toll on Albertans.

While wages have finally grown more than prices, more Albertans are grappling with high debt-to-income ratios, increased housing costs, and insolvencies. In recent months, Albertans now feel the economy is getting worse, despite growth in many areas.

In this episode, we look at growth in employment, Alberta's population, and overall wages, discuss results from our latest Business Expectations Survey, and check in on the spending habits of Albertans and Canadians.

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About The Business Council of Alberta

The Business Council of Alberta was founded on a simple idea: to make life better for all Albertans. We believe that business has an important role in improving society, and that when business does well, we all do well. We work with the chief executives and leading entrepreneurs of Alberta's largest enterprises to understand the big, long-term challenges that Albertans are facing and work with industry, government, and civil society to solve these problems and build shared prosperity for every person who calls Alberta home.

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