Alberta's growth unprecedented

[troutman]

http://www.theglobeandmail.com/servl.../Business/home

Oil-rich Alberta is enjoying the strongest period of economic growth ever experienced by any Canadian province, according to a Statistics Canada study released Thursday.

Record oil prices, along with surging demand for energy and the perception of a dwindling global supply have created the conditions for the hottest economy in the country. Alberta's nominal gross domestic product jumped 43 per cent between 2002 and 2005, and there is no sign of slowing down in 2006.

The ”unprecedented” economic boom has left Alberta with the lowest unemployment rate of any province in Canada — or any state in all of North America, Statscan said in a study published in the Canadian Economic Observer.

Meanwhile, The Conference Board of Canada predicted Thursday in its autumn outlook that Calgary will lead Canadian cities in economic growth this year. Calgary's economy is expected to expand by a ”stunning” 6.6 per cent in 2006, compared with a national growth rate of 3.1 per cent, while job creation is on track to reach 7 per cent.

In 2007, the board expects job growth will moderate and employment will rise by a ”still healthy” 1.9 per cent, creating another 12,100 jobs in the Calgary area. ”However, the increase in labour force growth is expected to outpace that of employment next year, lifting the unemployment rate to 3.7 per cent.”

[SpitFire40]

HAHA Stupid Ontario.

Wait, Ontario seems to be shipping in Employee's to take our jobs by the train load, while inflating our housing market.

Thanks Ontario!

[Frank the Tank]

Originally Posted by SpitFire40

HAHA Stupid Ontario.

Thanks Ontario!

Easy there sparky!

[mykalberta]

Originally Posted by SpitFire40

HAHA Stupid Ontario.

Wait, Ontario seems to be shipping in Employee's to take our jobs by the train load, while inflating our housing market.

Thanks Ontario!

Yah thanks Ontario, damn having to pay over $300/sq foot for a condo

MYK

[V]

I keep hearing how amazing our economy is doing, but all it means to me is that I have to work harder, but I'm not getting any further ahead. Yay.

[GoinAllTheWay]

Originally Posted by Dominicwasalreadytaken

I keep hearing how amazing our economy is doing, but all it means to me is that I have to work harder, but I'm not getting any further ahead. Yay.

I hear ya. What does this do for us other than drive house prices up, clog our streets and bring more crime? Personaly, I have not gained a thing by any of this. I'm sure I am not looking at it the right way but I don't get what all the hype is about.

[JiriHrdina]

Originally Posted by Dominicwasalreadytaken

I keep hearing how amazing our economy is doing, but all it means to me is that I have to work harder, but I'm not getting any further ahead. Yay.

I'm not one afraid of hard work, but I think Alberta and Albertans work too hard. I read a couple studies that showed we work more hours/day, more days/week and more weeks/year of anyone in Canada, if not North America.

We need to slow 'er down a bit.

[photon]

We also have more people in the work place than other provices.. Employment participation (the percentage of people able to work that do work), over 70%!

[FireFly]

The thing that kills me about all this is that EVERY SINGLE PLACE is hiring. Well that's nice, but we don't have a place to house the thousands of people we need to fill the jobs we have available.

[Shazam]

Originally Posted by Dominicwasalreadytaken

I keep hearing how amazing our economy is doing, but all it means to me is that I have to work harder, but I'm not getting any further ahead. Yay.

I've noticed a definite change in my life. Instead of passing old guys driving erratically in Accords, I'm passing old guys driving erratically in Cadillacs.

[photon]

Originally Posted by FireFly

The thing that kills me about all this is that EVERY SINGLE PLACE is hiring. Well that's nice, but we don't have a place to house the thousands of people we need to fill the jobs we have available.

No kidding, and then people are on the radio talking about the dangers of secondary suites and such.. we need a way to INCREASE the number of secondary suites (safely of course), not crack down on them.. More and more rental units leave the market every year due to condo conversions.

[Agamemnon]

Originally Posted by Dominicwasalreadytaken

I keep hearing how amazing our economy is doing, but all it means to me is that I have to work harder, but I'm not getting any further ahead. Yay.

Really? In my industry salaries are sky-rocketing because of all the activity and lack of prospective employees. People are jumping ship to rival companies for 20-50%+ pay increases. Not to mention anyone who is/was a homeowner over the last 4-5 years made a cool hundred grand, give or take. I think tons of people are benefiting hugely from this economy.

[ken0042]

I heard a figure on the radio this morning; they predict that anybody who owns a house worth $300K today- that house will be worth $1 Million in 25 years.

That means I can retire as a millionaire. Yay!

[mykalberta]

Originally Posted by Agamemnon

Really? In my industry salaries are sky-rocketing because of all the activity and lack of prospective employees. People are jumping ship to rival companies for 20-50%+ pay increases. Not to mention anyone who is/was a homeowner over the last 4-5 years made a cool hundred grand, give or take. I think tons of people are benefiting hugely from this economy.

The problem is that homeowners only made 100K if the either downgrade homes within Alberta or move out of Alberta.

Unfortunately IT isnt the 20-50%+ pay increases, damn computers, damn cisco routers, damn hp servers. Thats why I now work contract part time to make extra moola

MYK

[Agamemnon]

Originally Posted by mykalberta

The problem is that homeowners only made 100K if the either downgrade homes within Alberta or move out of Alberta.

Unfortunately IT isnt the 20-50%+ pay increases, damn computers, damn cisco routers, damn hp servers. Thats why I now work contract part time to make extra moola

MYK

I suppose... I just pulled $50k value out of my property because it's worth shot up $150k in the past 3 years. You don't have to downgrade or move to see the benefits of increased property value... like tons of cash in your pocket.

IT salaries aren't sky-rocketing in Calgary? Wacky... I'd have thought you guys would be doing well. Is there a saturation of IT guys in the market?

[Bobblehead]

It depends upon what you are doing in IT.

I know a few senior developers (some Java, some .NET) who are doing very well. I 've been an Oracle DBA for a number of years. I should finish getting the official certifications (although after doing the job for 5 years, it feels more like a pita) and see what I can get on the open market.

[ken0042]

Originally Posted by Agamemnon

I suppose... I just pulled $50k value out of my property because it's worth shot up $150k in the past 3 years. You don't have to downgrade or move to see the benefits of increased property value... like tons of cash in your pocket.

But once again; you aren't seeing that extra cash. You are now just able to increase how much debt you can carry. The only way you can get away with not having to pay that $50K back is to sell your house and move out of the area; or downgrade.

[Agamemnon]

Originally Posted by ken0042

But once again; you aren't seeing that extra cash. You are now just able to increase how much debt you can carry. The only way you can get away with not having to pay that $50K back is to sell your house and move out of the area; or downgrade.

Fair enough... though I think its well worth it to increase my mortgage payments $300/month in return for $50k to invest in RRSPs/investments. I suppose others may not agree... made a ton of sense to me though. With interest rates so low its not difficult to acheive a return that matches/exceeds the rate at which the money is borrowed.

[ken0042]

At least you doing something smart with the money; which does give you some breathing room. I just cringe when I hear people say that they took out half of the $100K they "made" on their house and bought a new SUV and paid "cash" for it.

[Mr.Coffee]

Originally Posted by ken0042

At least you doing something smart with the money; which does give you some breathing room. I just cringe when I hear people say that they took out half of the $100K they "made" on their house and bought a new SUV and paid "cash" for it.

Ahhh yes I love those people. All about now now now and come retirement they're screwed and don't understand why. In referring to your post above, about being a millionaire... I'm going to just assume you understand the time value of money and why being a millionaire isn't going to be all that and a bag of potato chips in 25 years.

Meanwhile, things in Calgary have changed a lot, so much so that it's even noticeable (that's when I think it gets serious). I'm worried about the fact that I graduate in April and need to buy a home for about $350K with no capital to start that little project up (not to mention land...). In my opinion salaries have risen, but it almost seems like not quite enough yet.

When you drive down Macleod Trail, it's amazing how many HIRING signs pop up.

Maybe those 14,000 people Ford bailed on should come.

Oh wait... they'd be homeless.

A boom has it's pros and cons.