Calgary Economic Development is holding its economic outlook for 2017 and economists expect things will start looking up.
A big business crowd at BMO Centre was told by two prominent economists that the worst of the downturn will be over soon and our province should start to emerge from the two-year recession.
They are noting, however, that the recovery will be slow and modest next year. Oil prices are expected to hover around $50 to $55 U.S. per barrel, leading to more stability for the energy industry but not much growth. Glen Hodgson with the Conference Board of Canada said oil would hit $65 per barrel, but not until 2018/2019.
Business people in the crowd say they're optimistic about next year.
“There has got to be a threshold where things are going to start to turn around, we are seeing the number of wells that are being drilled down again year over year, but at some point in time you are going to hit the bottom and I think that's pretty close, so I'm optimistic,” said Karen Barry, Barry Commercial Real Estate.
“I'm quite optimistic, it’s going to take a little bit of time but I feel we are at a point where we start to grow from here, Calgary as a community, as a city is vibrant and it knows how to pull itself together and start to rebuild from within, so I'm optimistic," said Sadiq Imam, MealBlvd Inc.
Mayor Nenshi said with a 25% downtown vacancy rate and 10 per cent unemployment, this is the time to sell Calgary because the space and talent are available.
