QuikTech Notes – Special Edition – Is Alberta’s Economy in Trouble – Again?
Special Edition – Is Alberta’s Economy in Trouble – Again?
Alberta sentiment weakened further in fall ’18 for both economic resilience/diversification and the effectiveness of it’s innovation ecosystem. The widespread gains in economic resilience in the spring were reversed for the Calgary Region and all industries/professions other than Education & Research – particularly Finance & Investment and Government & Public Policy.
Variations appear directly linked to changes in the Oil and Gas industry and Government & Public Policy. Sample: 59% Edmonton Region, 25% Calgary Region, 16% Other.
*Economic Developers Alberta joined in mid-September
Economic Resilience (ER) – Weaker & Widespread. All Regions and Industry remain weak. Widespread industry/ professions decline: Calgary. Finance, and Government most. Only Education increased. Also weak: Forestry, Transportation, Mining and yr/yr – Engineering.
Prime ER Indicators – Investment & People Impact. Corporate investment, job creation, and employment are viewed by respondents as the prime indicators of economic resilience. Reduced Corporate investment and Loss of market share increased since spring ’18.
87% Agree – Alberta’s Innovation Ecosystem is essential for diversification
Constraints on Progress. 56% of respondents view Alberta’s Innovation Ecosystem as ineffective – up 5% vs 24% viewing it as effective – down 4% since the spring. Comments contain extensive critiquing and recommendations aimed at governments.
Government’s Role – Job Support & SMEs. Policy and incentive support of small business and start-up innovation are most appropriate. Least: Invest in technology, job creating research and using public procurement to attract business to Alberta.
The full report is available upon request for members of the Alberta Council of Technologies Society and the Economic Developers Alberta
Contact Editor @ ABCtech.ca
Essential for Creating the New Alberta
A resilient economy. Leadership in innovation. Energy transitions.