Wheels Of Alberta Economy Turning At A Nation-Leading Pace
Spurred by massive investment in the energy sector, Alberta's economy will be Canada's frontrunner this year, according to RBC.
The provincial outlook calls for Alberta to see 4-percent growth this year, outpacing all other provinces.
RBC Senior Economist Robert Hogue says major capital dollars going into oilsands are creating a positive ripple across many sectors.
"So you've got this strong initial impluse coming from the investment in the energy sector but now we're seeing more and more into manufacturing, in the retail side and housing so that the wheels are spinning in Alberta."
Another important predictor of an energised economy Hogue says is population growth which, at 2-percent, is the fastest in the country an may be an indicator of an answer to concerns over labour shortages in Alberta.
The Canada Mortgage and Housing Corporation's spring home starts report today backs RBC's projections, predicting a 15-percent increase in new home starts in Alberta for this year. Hogue says Alberta's economy is expected to lead all provinces in 2012.
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