County reports on economic trends heading into 2017

January 18, 2017

County reports on economic trends heading into 2017

While global growth is expected to remain sluggish, Strathcona County sees some positive indicators of growth. For instance, while single family urban starts and building permits remain on a downward trend, multi-family starts and industry permits have been on the rise.

“I am pleased to see that as a whole the province of Alberta is seeing signs of recovery,” says Mayor Roxanne Carr. “Strathcona County expects to see real GDP growth in the range of 1.5 to 2 per cent.”

In a January 18 presentation to the Sherwood Park and District Chamber of Commerce titled, “Is the Alberta Recession Over?”  Director of Economic Development and Tourism, Gerry Gabinet, noted the following signs of recovery:

  • Consensus from five major bank economists that Alberta’s growth rate is between 1.5 to 2 per cent
  • Final investment decision by Inter Pipe for a polypropylene dehydrogenation (PDH) project in Strathcona County in 2017 - project value estimated at $1.8 billion
  • Work continuing on Kinder Morgan and Keyera Joint Venture (JV) project in Strathcona Industrial Area (SIA) - estimated at $660 million
  • Continued investment in the retail sector with new hotels, restaurants and home improvement stores set to open.

Gabinet also noted the following highlights for Strathcona County:

  • Strathcona County remains the strongest multi-family housing submarket in the Edmonton census metropolitan area
  • Price of oil trending upward 55 to 60 dollars per barrel has a dramatic effect on the Gross Domestic Product (GDP) for the province, as well as investment decisions for Alberta’s Industrial Heartland, which includes Strathcona County
  • Residential housing prices in Strathcona County expected to remain firm and retain value
  • Strathcona County GDP growth rate of 1.5 to 2 per cent

Gabinet says that while the County anticipates real growth overall, the impact of provincial and federal policy, including the Carbon Levy and centralized industrial assessment, is yet to be determined.

“We have had some really good news with recent announcements of a number of mega projects in the region. Certainty is still needed on policy from the provincial and federal governments, with respect to carbon pricing,” says Gabinet.

Learn more about Strathcona County Economic Development and Tourism.

 

Set in the centre of Alberta’s energy and agricultural heartland, Strathcona County is a thriving, successful and vibrant community of almost 96,000 residents. Strathcona County is made up of the urban area of Sherwood Park and a large adjacent rural area of farms, acreages and smaller hamlets. It is home to 75 per cent of refining in Western Canada. With a focus on economic, governance, social, cultural and environmental sustainability, Strathcona County is committed to balancing the unique needs of its diverse community.

 

- 30 -

Contact:

Strathcona County Communications, 780-410-6595