With appreciation to last weeks roundtable facilitated by Danielle Smith, Postmedia Columnist and supported by the following leaders, I have a renewed optimism in Alberta’s future.
Perhaps after reading these insights, you’ll have a renewed optimism too.
What are Alberta’s competitive advantages? per Dave Filipchuk, President/CEO of PCL Construction
1. Our numerous natural resources including Agriculture, Forestry and our growing Energy sector, which now includes Minerals, Electricity and Renewable Energy
2. Alberta is business friendly, with low and very competitive corporate and personal tax rates. With USA corporate tax rates expected to rise, Alberta may soon have the lowest corporate rates in North America.
Our strong STEM focused educational institutions (Science, Technology, Engineering and Mathematics) and young and fast-growing population are vital to attracting and retaining businesses and developing the skilled workers our economy needs.
3. A high quality of life, to raise a family, via affordable housing and office space, and lots of great outdoor recreation options
4. We own our destiny, with our entrepreneurial and “helper” mindset when it comes to collaborating and supporting others.
“We’re seeing a strong rebound in 2021.
Oil prices are back to $60 +, or pre-pandemic levels - production is also back.
Our housing market is strong, agriculture and forestry sectors are strong, specifically wheat, cattle and lumber.
We’re experiencing a high-tech boom – so much so there is some worry about having enough talent to support the incoming investment.
Our greatest resource is our people and our entrepreneurial spirit.”
Dr. Jack Mintz, Chair of Alberta’s Economic Recovery Council
Is Alberta’s economy diversified? Yes, as affirmed by Dr. Jack Mintz
Canada was an agrarian society until Alberta unlocked our energy sector in 1947
In the 1980’s, 60% of Alberta’s GDP came from our Energy sector – today it’s 30%
By comparison, Ontario has more jobs tied to manufacturing than Alberta has to our energy sector (as a percentage)
Key Alberta sectors going forward include 1) Agriculture, 2) Tourism, 3) Finance, 4) Logistics/Transportation/Warehousing, 5) Finance and 6) Energy in all its forms
Growing sectors include 7) High-Tech, minerals like 8) Lithium and other energy resources like 9) Hydrogen, 10) Geothermal and more….
Note. Renewable energy has potential but will struggle to become a dominant resource for Alberta
“Our energy sector has consolidated, stronger companies have resulted
and jobs are coming back.
Interestingly, the development of resources like lithium and geothermal use the same platforms we already have in place to support our energy industry.
Alberta has a growth agenda, supported by low corporate & personal taxes and has strengths in many sectors.”
Brad Wall, former Premier of Saskachewan
How does Canada Ranks Among the World’s Top 10 Oil Exporters on ESG investor criteria? (Environmental, Social and Governance)
Canada places 1st on most every well-reputed index or ranking!
https://www.canadaaction.ca/esg_canada_ranking_among_top_oil_exporters
“We are a social enterprise that relies on talent and desire
to target niche markets, to diversify, to innovate, to improve,
such that our profits are reinvested in our community.
We believe in growing from a position of strength,
education is vital to this,
and we see nothing but growth ahead.”
Crystal Young, President and CEO of McKay Metis Group,
In summary, Alberta remains a great place for those with skill, knowledge and a willingness to seek out and run towards opportunity.
Our life and circumstances will never be perfect, and we should never expect our situation to be easy, and we know from decades of adapting and overcoming, “easy does not make us better.”
With our overall quality of life, competitive advantages, an evolving and diverse economy unlocked by our entrepreneurial mindset and willingness to serve others, Alberta will continue to adapt and thrive going forward.