Major City Insights: Calgary—Autumn 2021
The Conference Board of Canada,
October 7, 2021
Thanks to COVID-19 vaccines and reduced public health restrictions, economic momentum in major cities across the country is building. Vaccine passes will help to prevent new restrictions, but the presence of variants is still a downside risk to our outlook.
- Stronger oil prices are good news for this boom-and-bust city, although a rise in COVID-19 cases presents a serious forecast risk.
- Insofar as economic recovery hinges on beating COVID-19, Alberta and, by extension, Calgary, face a serious issue. In mid-September, Alberta’s COVID cases per capita were roughly triple the national average, and the province’s per capita vaccination rate vied with Saskatchewan’s as the lowest among Canada’s provinces.
- Still, improvements in the energy sector will fuel 7.6 per cent real GDP growth in Calgary following last year’s 7.4 per cent drop.