Alberta’s economy is strong and diverse
By Chantelle de Jonge Chestermere-Strathmore MLA
I hope you all had a good long weekend celebrating Alberta Day and Labour Day with your families and loved ones.
Last week’s Q1 Fiscal Update shows that Alberta’s economy is strong and continuing to grow and diversify.
According to the latest update, Alberta is projecting a surplus of $2.9 billion by the end of the 2024-25 fiscal year. With this surplus now stronger than what was projected in the budget, our government is committed to continuing to invest in the needs of Albertans while also managing debt and saving for the future.
Our government’s strong fiscal management has not gone unnoticed by international credit rating agencies. Moody’s Ratings, one of four major credit rating agencies to upgrade Alberta’s credit rating outlook in the past year, recently suggest that Alberta’s economic prospects could improve even further as the province continues to limit debt and budget wisely. Similarly, Fitch Ratings has highlighted Alberta’s economic rebound, underscoring the province’s resilience in the face of global economic challenges.
Our government continues to make responsible spending decisions to support a thriving province. This includes record funding for health care and education, with an additional $125 million being invested into schools in the first quarter to help manage enrollment growth.
“People across the country see a bright future for Alberta, and they continue to come here in record numbers. While this population growth is creating challenges and putting pressure on our hospitals, schools and other services, our prudence and discipline are helping to manage these challenges,” Finance Minister Nate Horner said.
Despite another challenging wildfire season and ongoing volatility in the global economy, Alberta remains a lighthouse of economic success. Our province has added over 100,000 new jobs in the past twelve months alone, and Albertans continue to enjoy the highest weekly earnings in the country. This means more Alberta families are earning a regular paycheque that they can rely on to pay their bills and save for the future.
Our government’s plan to attract investment and create jobs is working, and this is great news for families and businesses. Alberta is seeing billions of dollars in new investment and capital being deployed across the province right now. This is happening in agrifood processing, technology and innovation, construction, manufacturing, film and television, aerospace, petrochemicals, and many other areas of the economy.
Alberta’s government will remain relentless in delivering jobs and investment for our provinces’ families and businesses. Truly, our best days are still ahead.
(Chantelle de Jonge is the MLA for Chestermere-Strathmore and the Parliamentary Secretary for Affordability and Utilities)