According to the recent report released by TD Economics, Alberta is expected to lead the country’s economic growth in the year 2014. Alberta’s real GDP growth for the year 2013 is 2.8%, which will grow to 3.6% by the year 2014. Alberta is one of the strongest provinces in terms of growth in Canada. Despite the recent flooding, Alberta was shown a rapid economic growth.
At the national level, the economic development of Canada is 1.8% this year, which will grow to 2.5% by 2014, which is a healthy sign. As per the forecasts of TD Economics there will be healthy growth in Alberta in different areas. The infrastructure projects are outlined in the provincial budget. Efforts are being made for rebuilding the infrastructure from the floods that occurred. This will give a short term boost in the economy and long term benefits, as well.
The employment rate in Canada is expected to grow by 2.2% this year and 1.9 % by the year 2014. The unemployment rate is low, net inter-provincial Canadian migration is high, and residential building permits have been the highest since 2007 in Alberta.
The labour and housing markets tend to get out of balance if growth is too fast. A slower pace in growth rate is probably much healthier, which will maintain stability in the country.