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Economy Exam Table Rolls Western Scientific Medical Supply Corporation... bestqualitymedical.com | Alberta Yoga Directory - Alberta Yoga, Yoga Classes, Yoga Studios and... yogadirectorycanada.com | Alberta Edmonton Spa, Edmonton Alberta Hair Salon, Alberta Edmonton edmontonsbestspa.com |
 Alberta's economy is one of the strongest in Canada, supported by the petroleum industry and, to a lesser extent, agriculture and technology. The per capita GDP in 2007 was by far the highest of any province in Canada at C$74,825 (approx. US$74,000). In 2006 Alberta's per capita GDP was higher than all US states, and one the highest figures in the world . Alberta's per capita GDP in 2007 was 61% higher than the Canadian average of C$46,441 and more than twice that of some of the Atlantic provinces. In 2006, the deviation from the national average was the largest for any province in Canadian history.[1] According to the Fraser Institute, Alberta has very high levels of economic freedom. It is by far the most free economy in Canada,[2] and is rated as the 2nd most free economy of U.S. states and Canadian provinces.[3]
[edit] Economic geography see also: Geography of Alberta, Regions of Alberta Agriculture on a large scale is practiced further north in Alberta that anywhere else in North America, extending into the Peace River country north of 55 degrees N. Generally, however, northern Alberta (and areas along the Alberta Rockies) is forested land and forestry is important there. Agriculture is divided into primarily field crops in the east, livestock in the west, and a mixture in between and in the parkland belt in the near north. Convertional oil and gas fields are found throughout the province on a axis running from the northwest to the southeast. Oil sands are found in the northeast, easpecially around Fort McMurray (the Athabasca Oil Sands). [edit] Calgary-Edmonton CorridorThe Calgary-Edmonton Corridor is the most urbanized region in the province and one of the densest in Canada. Measured from north to south, the region covers a distance of roughly 400 kilometres. In 2001, the population of the Calgary-Edmonton Corridor was 2.15 million (72% of Alberta's population).[4] It is also one of the fastest growing regions in the country. A 2003 study by TD Bank Financial Group found the corridor is the only Canadian urban centre to amass a U.S level of wealth while maintaining a Canadian-style quality of life, offering universal health care benefits. The study found GDP per capita in the corridor was 10% above average U.S. metropolitan areas and 40% above other Canadian cities at that time.[citation needed] [edit] Calgary - Edmonton rivalrySee also: Battle of Alberta Seeing Calgary and Edmonton are part of a single economic region as the TD study did in 2003 was novel. The more traditional view had been to see the two cities are economic rivals. For example, in the 1980 both cities claimed to be the "Oil Capital of Canada". Calgary is home to most oil company head offices, while Edmonton and moreso its surrounding region (Nisku, Leduc, Fort Saskatchewan) is the site of most oil-and-gas related industry including refining and manufacturing. [edit] TrendsPrior to the 1950s, Alberta was a primarily agricultural economy, based on the export of wheat, beef, and a few other commodities. The health of economy was closely bound up with the price of wheat. In 1947 a major oil field was discovered near Edmonton. It was not the first petroleum find in Alberta, but it was large enough to significantly alter the economy of the province (and was timed to coincide with growing American demand for energy). Since that time, Alberta's economic fortunes have largely tracked the price of oil, and increasingly natural gas prices. When oil prices spiked during the 1967 Oil Embargo, 1973 oil crisis, and 1979 energy crisis, Alberta's economy boomed. However, During the 1980s oil glut Alberta's economy suffered. Alberta boomed once again during the 2003-2008 oil price spike. In July 2008 the price of oil peaked and began to decline and Alberta's economy soon followed suit, with unemployment doubling witin a year. As of 2009[update] with natural gas prices at a long-term low, Alberta's economy is in poor health compared to before, although still relatively better than many other comparable jursidictions. The spin-offs from petroleum have allowed Alberta to develop many other industries. Oilpatch-related manufacturing is an obvious example, but financial services and government services have also benefited from oil money. A comparison of the development of Alberta's less oil and gas-endowed neighbours, Saskatchewan and Manitoba, reveals the role petroleum has played. Alberta was once the smallest of the three prairie provinces by population in the early 20th century, but by 2009, Alberta's population was 3,632,483 or approximately three times as much as either Saskatchewan (1,023,810) or Manitoba (1,213,815). [edit] EmploymentAlberta's economy is a highly developed one in which most people work in services such as healthcare, government, or retail. Primary industries are also of great importance, however. [edit] Employment in extraction industriesAs of 2007:[5]
[edit] Largest employersAccording to Alberta Venture magazine's list of the 50 largest employers in the province, the largest employers are:[6]
[edit] Sectors[edit] IndustryAlberta is the largest producer of conventional crude oil, synthetic crude, natural gas and gas products in the country. Alberta is the world’s 2nd largest exporter of natural gas and the 4th largest producer.[7] Two of the largest producers of petrochemicals in North America are located in central and north central Alberta. In both Red Deer and Edmonton, world class polyethylene and vinyl manufacturers produce products shipped all over the world, and Edmonton's oil refineries provide the raw materials for a large petrochemical industry to the east of Edmonton. The Athabasca Oil Sands (sometimes known as the Athabasca Tar sands) have estimated unconventional oil reserves approximately equal to the conventional oil reserves of the rest of the world, estimated to be 1.6 trillion barrels (250×109 m3). With the development of new extraction methods such as steam assisted gravity drainage (SAGD), which was developed in Alberta, bitumen and synthetic crude oil can be produced at costs close to those of conventional crude. Many companies employ both conventional strip mining and non-conventional in situ methods to extract the bitumen from the oil sands. With current technology and at current prices, about 315 billion barrels (50.1×109 m3) of bitumen are recoverable. Fort McMurray, one of Canada's fastest growing cities, has grown enormously in recent years because of the large corporations which have taken on the task of oil production. As of late 2006 there were over $100 billion in oil sands projects under construction or in the planning stages in northeastern Alberta. Another factor determining the viability of oil extraction from the Tar Sands is the price of oil. The oil price increases since 2003 have made it more than profitable to extract this oil, which in the past would give little profit or even a loss. With concerted effort and support from the provincial government, several high-tech industries have found their birth in Alberta, notably patents related to interactive liquid crystal display systems.[8] With a growing economy, Alberta has several financial institutions dealing with civil and private funds. [edit] Energy[edit] Oil and gas See also: Petroleum production in Canada and Natural gas in Canada Since the early 1940s, Alberta had supplied oil and gas to the rest of Canada and the United States. The Athabasca River region produces oil for internal and external use. The Athabasca Oil Sands contain the largest proven reserves of oil in the world outside Saudi Arabia. Natural gas has been found at several points, and in 1999, the production of natural gas liquids (ethane, propane, and butanes) totalled 172.8 million barrels (27.47×106 m3), valued at $2.27 billion. Alberta also provides 13% of all the natural gas used in the United States. Notable gas reserves were discovered in the 1883 near Medicine Hat.[9] The town of Medicine Hat began using gas for lighting the town, and supplying light and fuel for the people, and a number of industries using the gas for manufacturing. In fact a large glassworks was established at Redcliff. When Rudyard Kipling visited Medicine Hat he described it as the city "with all hell for a basement". [edit] Basic statistics
[edit] CoalSee also: Coal in Canada Coal has been mined in Alberta since the late 1800s. Over 1800 mines have operated in Alberta since then.[9] The coal industry was vital to the early development of several communities, especially those in the foothills and along deep river valleys where coal was close to the surface. Alberta is still a major coal producer, every two weeks Alberta produces enough coal to fill the Sky Dome in Toronto.[9] Much of that coal is burned in Alberta for electricity generation. Alberta uses over 25 million tonnes of coal annually to generate electricity.[9] Alberta has vast coal resources and 70 per cent of Canada's coal reserves are located in Alberta. This amounts to 33.6 Gigatonnes.[9] Vast beds of coal are found extending for hundreds of miles, a short distance below the surface of the plains. The coal belongs to the Cretaceous beds, and while not so heavy as that of the Coal Measures in England is of excellent quality[citation needed]. In the valley of the Bow River, alongside the Canadian Pacific Railway, valuable beds of anthracite coal are still worked. The usual coal deposits of the are of bituminous or semi-bituminous coal. These are largely worked at Lethbridge in southern Alberta and Edmonton in the centre of the province. Many other parts of the province have pits for private use. [edit] ElectricitySee also: Electricity policy in Alberta As of June 2007[update], Alberta's generating capacity was 11,919 MW, and Alberta has about 21,000 kilometres (13,000 mi) of transmission lines. Alberta has over 490 megawatts of wind power capacity. Alberta has added 4400 MW of new supply since 1998 – that's equal to all the power generated in Saskatchewan. Winter peak for power use in one day was in November 2006 – 9,661 MW. Summer peak for power use in one day was set on July 18, 2007 – 9,192 MW.[9] [edit] Mineral miningBuilding stones mined in Alberta include Rundle stone, and Paskapoo sandstone. Diamonds were first found in Alberta in 1958, and many stones have been found since, although to date no large-scale mines have been developed..[9] [edit] ManufacturingThe Edmonton area, and in particular Nisku is a major centre for manufacturing oil and gas related equipment. As well Edmonton's Refinery Row is home to a petrochemical industry. [edit] BiotechnologySeveral companies and services in the biotech sector are clustered around the University of Alberta, for example ColdFX. [edit] Food processingOwing to the strength of agriculture, food processing was one a major part of the economies of Edmonton and Calgary, but this sector has increasingly moved to smaller centres such as Brooks, the home of Lakeside Packers. [edit] TransportationEdmonton is a major distribution centre for northern communities, hence the nickname "Gateway to the North". Edmonton is one CN Rail's most important hubs. Calgary is the main hub for the WestJet airline, and an important centre for CP Rail.[citation needed] WestJet is headquartered in Calgary, by Calgary International Airport.[11] Prior to its dissolution, Canadian Airlines was headquartered in Calgary by the airport.[12] Prior to its dissolution, Air Canada subsidiary Zip was headquartered in Calgary.[13] [edit] Agriculture and forestry In the past, cattle, horses, and sheep were reared in the southern prairie region on ranches or smaller holdings. Currently Alberta produces cattle valued at over $3.3 billion, as well as other livestock in lesser quantities. In this region irrigation is widely used. Wheat, accounting for almost half of the $2 billion agricultural economy, is supplemented by canola, barley, rye, sugar beets, and other mixed farming. Agriculture has a significant position in the province's economy. Over three million cattle are residents of the province at one time or another,[14] and Albertan beef has a healthy worldwide market. Nearly one half of all Canadian beef is produced in Alberta. Alberta is one of the prime producers of plains buffalo (bison) for the consumer market. Sheep for wool and lamb are also raised.  Wheat and canola are primary farm crops, with Alberta leading the provinces in spring wheat production, with other grains also prominent. Much of the farming is dryland farming, often with fallow seasons interspersed with cultivation. Continuous cropping (in which there is no fallow season) is gradually becoming a more common mode of production because of increased profits and a reduction of soil erosion. Across the province, the once common grain elevator is slowly being lost as rail lines are decreased and farmers now truck the grain to central points. Alberta is the leading beekeeping province of Canada, with some beekeepers wintering hives indoors in specially designed barns in southern Alberta, then migrating north during the summer into the Peace River valley where the season is short but the working days are long for honeybees to produce honey from clover and fireweed. Hybrid canola also requires bee pollination, and some beekeepers service this need. See also: Agriculture in Canada The vast northern forest reserves of softwood allow Alberta to produce large quantities of lumber, oriented strand board (OSB) and plywood, and several plants in northern Alberta supply North America and the Pacific Rim nations with bleached wood pulp and newsprint. In 1999, lumber products from Alberta were valued at $4.1 billion of which 72% were exported around the world. Since forests cover approximately 59% of the province's land area, the government allows about 23.3 million cubic metres (820×106 cu ft) to be harvested annually from the forests on public lands. See also: Pulp and paper industry in Canada [edit] ServicesDespite the high profile of the extractive industries, Alberta has a mature economy and most people work in services. [edit] FinanceCalgary is head office for many major oil and gas related companies, and many financial service business have grown up around them. Edmonton is the headquarters of the only major Canadian banks west of Toronto: Canadian Western Bank, and ATB Financial. [edit] GovernmentDespite Alberta's reputation as a "small government" province, many health care and education professionals are lured to Alberta from other provinces by the higher wages the Alberta government is able to offer because of oil revenues. [edit] See also
[edit] References
[edit] External links
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