She also pointed to a CED study last year that found companies across the province will spend $18.4 billion on digital transformation initiatives across various industrial sectors by 2022.
CED expects the number of local technology companies to at least double by 2030, while the sector creates almost 50,000 new jobs in Calgary over the next decade.
“The offence strategy is about diversification, but it’s also about digital transformation,” Moran said in an interview.
Economic growth in 2021 will also come from areas such as agriculture, health care and clean energy technology, said ATB chief economist Todd Hirsch.
“We need to embrace the fact that the world has changed,” Hirsch said after the event.
“We need to stop trying to get back on track. What we need to do is forge a brand new track.”
ATB vice president and chief economist Todd Hirsch at the Calgary Economic Development’s Outlook for 2021 virtual event on Tuesday, Oct. 20, 2020.Photo by Video frame grab
The track has to make sure unemployed Calgarians aren’t left behind. Thousands of people need a steady paycheque. Access to education, retraining and economic supports will be critical.
Mayor Naheed Nenshi said even if the city’s GDP increases next year, he’s concerned it will bring a jobless recovery along with it.
“The work we do in Calgary needs to be singularly focused on good, decent jobs,” he said in an interview.
Finally, here’s a positive economic note, even with fierce headwinds rocking the city.
“We do see 2021 as the start of a consistent recovery period,” said Goucher.
“We see conditions essentially improving on all fronts and it should lead to a stable recovery in Calgary from 2021 and on.”
After a gruelling 2020, the recovery can’t get here soon enough.
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.
