Alberta to lead nation in economic growth in 2011
The Canadian Chamber of Commerce predicts the nation's economy will continue to chug along next year with Alberta poised to lead the way in economic growth.
Calgary economist Todd Hirsch says our resource-based economy gives us an edge.
"Particularly with those high oil prices, we are going to see Alberta's economy charging ahead a little bit stronger in 2011 than we saw last year, and Alberta should be among the leading provinces in terms of economic growth," he said.
Alberta, along with British Columbia, Saskatchewan and Newfoundland will lead the way in economic expansion, the chamber said. Overall, Canada's economy is expected to grow a modest 2.4% in 2011.
The forecast is good news for Stephen Morrow, who hopes his bulldozers at City Wide Excavating and Paving will see more action in the new year.
"We are hoping we see some growth on 2010 and that continues throughout season for us," he said.
Morrow agrees when oil prices are strong, companies like his reap the benefits as more businesses open their purse strings.
"When oil is doing good, most companies in the area –- southern Alberta, Calgary and area -- tend to spend more money. They are not as conservative with that."
Meanwhile, the Canadian Taxpayers Federation cautions Albertans against overconfidence when it comes to oil's impact on our economy.
The group says a high Canadian dollar and low natural gas prices will hurt Alberta's bottom line.