Diversification of the economy, bolstering the oil and gas sector and a massive injection of infrastructure spending are all expected as Premier Jason Kenney announces his long-term reboot plan for Alberta today.
The province has been battered by oil price wars and the COVID-19 pandemic and has seen its deficit balloon from a projected $7 billion to $20 billion this year.
Watch live here at 11 a.m. MT (1 p.m. ET) as Kenney announces his plan.
Its most recent budget was based on oil fetching $58 US per barrel, a forecast critics called rosy at the time, and was rushed through the legislature as a battle between Saudi Arabia and Russia cratered the price and the global pandemic settled on Alberta.
Economists are predicting a severe recession in the once-booming province and even Kenney has warned of “a great fiscal reckoning” to come in a province that has tied its fortunes to the swings of its main commodity.
Kenney said on Friday that his plan will involve the largest-ever spending on public infrastructure, including areas such as health care and transportation.
There will also be a focus on diversifying the economy in critical growth sectors while buttressing the existing oil and gas industry.
In March, Kenney announced a 12-member economic advisory panel, including former prime minister Stephen Harper, to provide guidance on the relaunch.
Calgary, where Kenney will make the announcement today, has been particularly hard hit over the past few years by an oil price downturn that not only refuses to rebound.
Its downtown vacancy rate has been hovering around 25 per cent for years now, leaving a big hole in the tax base that is only expected to grow.
Calgary Mayor Naheed Nenshi has said the city will require particular aid from the province and the federal government in order to ride out its current storm.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
