Alberta economy to grow nearly 3 percent in 2013

The economy in Alberta continues to grow, buoyed by population and job growth, along with increasing consumer spending.

The Redford government recently issued a report expecting that Alberta's economy will grow 2.9 percent throughout 2013 on a year-over-year comparison. The report said that despite reliance on oil, which is seeing prices fall, other factors will help boost the economy.

Strong improvements and in consumer spending and a robust housing climate are helping drive Alberta's economy forward. The report expects unemployment to remain flat at 4.5 percent throughout the year.

"We've seen some very good growth indicators in terms of housing starts, construction activity and especially net interprovincial migration," Ben Brunnen, chief economist with the Calgary Chamber of Commerce, told the Calgary Herald. "So while we'll probably see a bit of a pullback in the energy sector and the companies are probably going to be investing a little bit less, we will see growth from that population increase."

The Canadian economy as a whole grew 0.2 percent in January, after showing gains of 0.3 percent in December, according to the Macdonald-Laurier composite.

With the latest Redford government available, report those buying a home in Alberta can expect to see similar gains each month throughout the remainder of the year. 


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