Calgary & Region Economic Outlook 2019 – 2024 fall 2019 release is now available
The Calgary and Region Economic Outlook 2019 – 2024 fall 2019 release was posted on Calgary.ca and distributed to subscribers today. The City of Calgary tracks economic indicators throughout the year to develop insights about the impacts of external events on the local economy to support the financial and physical planning of the city. It provides a useful basis for decision making by outlining and clarifying the economic opportunities and threats the region faces.
“If you look over the fall Economic Outlook you’ll see many positive points and few not so positive ones, which is typical when looking at a wide range of economic indicators,” said The City Economist and Regulatory Lead Oyin Shyllon. “But by looking at the overall trends you’ll see that the Calgary economy is gathering momentum. The public and private sector are vital to sustaining this momentum.”
Key points include:
- The Calgary region’s GDP is expected to grow by 1.3 per cent in 2019. Improvements to private-sector investments in 2020 should increase GDP growth to 2.2 per cent. GDP measures the increase in prosperity for the average Calgarian.
- Calgary’s population is expected to increase by 95,000 people between 2019 and 2024. Calgary’s business community should benefit from more people to offer their goods and services to.
- Calgary households would see only modest increases (less than two per cent) to consumer inflation between the 2019 – 2024 period.
- Calgary Building Permits are expected to grow by nearly a billion from 2019 to 2024 ($4.3B in 2019 to $5.2B by 2024), which shows that investors are confident about Calgary’s long-term growth potential.
Calgary is a dynamic and resilient city and The City of Calgary and its partners are committed to our economic recovery to make life better every day for citizens, customers, communities and businesses. To learn more about our efforts to support “Calgary’s Comeback”, visit Calgary.ca/comeback.
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