Conference Board of Canada raises hopes for Alberta's economy
The Conference Board of Canada (CBoC) says growing oil production, new pipeline approvals, rebuilding efforts in Fort McMurray and the restart of several stalled oil sands projects will return Alberta to the top spot as Canada's hottest economy.
In their Winter 2017 Provincial Outlook, the agency does not foresee a major increase in oil prices this year or the next. Their forecast for West Texas Intermediate (WTI) is about US$60 through the end of next year. However, the CBoC says recent pipeline approval may improve the disposition price for Alberta's heavy oil.
The CBoC is forecasting Alberta's real GDP will grow 2.8% in 2017.
In a salary survey released last week, the CBoC says 77% of oil and gas companies believe business conditions will improve this year, although workers shouldn't expect a huge pay raise anytime soon.
All provinces are expected to have a relatively good 2017, except Newfoundland and Labrador which is expected to contract another 1.8% this year.