Calgary's economy looks promising for 2025, but uncertainty looms over U.S. election: economic outlook
Continued population growth, improved market access for energy, and expansion across sectors are expected to position Calgary and Alberta well in the upcoming fiscal year, according to the latest 2025 outlook from Calgary Economic Development (CED).
Top economists and business leaders are in Calgary on Tuesday to share their insights on these trends, although the results of the upcoming U.S. presidential election and other geopolitical factors could weigh on the economy in the years ahead.
“The outcome of the U.S. election is pivotal for Canada – and Alberta’s economy,” said Bruce Heyman, former U.S. Ambassador to Canada, former partner, Goldman Sachs and recently-appointed CEO at Power Sustainable.
“Policies, tariffs and priorities of either successful administration will significantly alter the trajectory of trade for the country not only in 2025 but the next four years ahead.”
Brad Parry, president and CEO of CED, also notes that the economy remains strong heading into 2025, but signs of uncertainty remain on the horizon.
“The future of our economy cannot be left to chance,” Parry said.
“Calgary must remain laser-focused on building a resilient economy by diversifying emerging sectors and attracting skilled talent, new ventures and investment.”
Other topics up for discussion include how the United States being Canada’s number one trading partner could impact everything from immigration, trade polices and tariffs to energy and tech sector development for Albertan and Canadian businesses in the coming year.
In its quarterly economic outlook released last week, ATB Financial predicted that Alberta’s economy is on the uptick following the COVID-19 pandemic, but political uncertainty is highlighted as a risk.
Mark Parsons, vice-president and chief economist with ATB Financial forecasts real GDP growth in Alberta will be 2.5 per cent this year and 2.8 per cent in 2025, outperforming the national economy projections of 1.2 per cent and 2.0 per cent respectively.
“Alberta is poised to be a growth leader in Canada next year,” said Parsons.
“But risks remain elevated, and we're moving from a period of high inflation and labour shortages to an era where geopolitical concerns take center stage.”
Parsons added that the province of Alberta remains resilient, however, due to increased energy market access, strong population growth and the strength of emerging industries including tech, hydrogen, and aviation.
Calgary Mayor Jyoti Gondek agrees that city investments in the future will come with more investor confidence.
With Calgary and Alberta poised to lead the nation in GDP growth, demonstrating stability and certainty to the market is critical for our economy,” she said.
Other speakers at Tuesday’s event include Alberta Premier Danielle Smith, CED’s board chair Joe Lougheed and Lisa McDonald, group head of Everyday Financial Services with ATB Financial.
CTVNews.ca Top Stories
LIVE UPDATES Tracking Hurricane Milton: Millions told to evacuate from worst storm 'in 100 years to hit Florida'
U.S. forecasters are warning of destructive waves, devastating winds and flash floods through the week as Hurricane Milton makes its way from the Yucatan Peninsula toward Florida.
Meteorologist becomes emotional giving update on Hurricane Milton
A seasoned American meteorologist became emotional on air as he gave an update on a major hurricane, later suggesting the reason behind his strong reaction.
'I hope so': Marc Garneau on whether Liberal party still has room for Blue Liberals
Former cabinet minister Marc Garneau, who describes himself in his new book as always-a-Liberal, 'but a decidedly blue one,' says he hopes the party still has room for someone like him.
'Very' serious issue: federal transport minister on contamination in northern Alberta town
The renewed pleas of people in Fort Chipewyan, Alta. for government to take action cleaning up contamination in their community have reached the ears of federal Transport Minister Anita Anand.
'Extremely disappointed': Family of homicide victim storms out of courtroom as judge reads decision
Emotions boiled over after a judge acquitted two out of three defendants in a manslaughter case, while the third accused has since died.
WeightWatchers to offer compounded version of Wegovy weight-loss drug
WeightWatchers said on Tuesday it would offer a compounded version of Novo Nordisk's popular obesity drug Wegovy as part of its weight-management programs.
'I find it really disheartening': Family calls out police after Ottawa senior robbed in parking lot
On September 11, 80-year-old Madeleine Gervais was robbed in Ottawa's west end. It happened in the Loblaws parking lot in College Square, when she was approached by a man and a woman who insisted to help her load her groceries into her car.
opinion Tom Mulcair: Conservatives continue to attack Trudeau's potential successors
In his column for CTVNews.ca, former NDP leader Tom Mulcair argues that the dramatic side to Conservative Leader Pierre Poilievre, and his tendency to 'play everything to the hilt,' could well become his undoing.
One American physician's long journey to becoming a family doctor in Canada
An American family doctor is frustrated with what she says has been a challenging two-year-and-counting bureaucratic journey to be accepted into Canada.