Edmonton Economic Data

Key Economic Indicators – current

Key Economic Inicators – previous 

Major Construction Projects

Disclaimer

The Key Economic Indicators combines in one table the most popular monthly economic indicators for Edmonton.  A written analysis of the data can be viewed below and is also included in the PDF.

There is a lag of approximately a month in the data, e.g., indicators published in June will report on economic activity in May.  

Key Economic Indicators - May 2009 

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Summary
While economic commentators frequently point out that the worldwide global downturn has been the most significant since the Depression, the May indicators continue to show that the impact on Edmonton has been much less muted. Edmonton has felt the impact of the downturn but mainly in the form of a cut in the previous high growth returning Edmonton to a relatively steady state compared to the same period a year ago.

Labour Force Characteristics
On a year-over-year basis, Edmonton has shown positive employment and labour force growth in each month of 2009. In May, Edmonton experienced an increase in employment of 1,500 persons (0.4%) compared to a year earlier. In May, Edmonton was the only major Canadian city to experience an increase in employment. Meanwhile, the labour force grew by 18,000 persons. Between natural growth and net migration Edmonton has continued to expand its labour force during the global downturn. Since the Edmonton labour force has been expanding at a faster rate than job creation, the unemployment rate has risen. With a 6% unemployment rate in May, Edmonton had the second lowest rate of the major Canadian cities, and well below the Canadian average of 8.4%.

Consumer Price Index
Consumer price indices in May dropped by 0.2% in Edmonton, 0.7% in Alberta, and rose slightly by 0.1% in Canada over a year ago. The price declines for Edmonton, in April and May, are the largest since 2004 and in Alberta since 2002. Canada wide price increase was the slowest since 1995. In the first half of 2008 inflation in Edmonton was in excess of 4.0 per cent year-over-year, now in May, Edmonton is seeing continuing deflation for the first time since 2004. The weakened economy including concerns over increasing unemployment rates and job security held back Edmontonian’s spending on non-essential goods and services and continues to put downward pressure on price increases.

Housing
The Edmonton housing market continues to be a buyers market. Although average selling price did increase 2.4% over last month, it is down 7.4% from last year. While the listings of pre-owned homes have declined from the same period in 2008 there is still substantial inventory available. Sales have increased in May compared to last month and May 2008. With low interest rates affordability has improved and if the labour force continues to expand, one can expect to see the current surplus of properties for sale slowly erode.

Building Permits
Both residential and non-residential building permits increased in May compared to April. Residential permits increased 7.6% over the previous month and non-residential were up almost 11%. Year-over-year residential permits were down almost 30% and non-residential permits were down over 31%. The economic downturn derailed the booming growth of the Edmonton construction sector.

Airport Passenger Traffic
Airport traffic decreased by 8.5% in May compared to the same period in 2008 and was the slowest May in the last 2 years. The decrease in passengers maybe a result of travellers staying closer to home rather then travelling longer distances. The H1N1 virus scare may have contributed to the decline. We are also through the winter vacation period during which many trips are booked well in advance. A decline in June will begin to indicate increased caution on the part of consumers. Year to date numbers are only down 3.2% and given that air transportation tends to decline early on in an economic downturn, this is another indicator that Edmonton is currently weathering the global economic downturn better than most communities. 

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Key Economic Indicators - Previous

To view the month end summary of Key Economic Indicators for a prior month, select the appropriate PDF from the list below.

2009

Northern Alberta Major Projects Summary

Summary by Industry Sector

To view .pdf versions of these reports click on the report name.

• Northern Alberta Major Projects List
• Greater Edmonton Major Projects List

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Disclaimer

Edmonton Economic Development Corporation provides this information in good faith, but gives no warranty nor accepts any liability for any incorrect, incomplete or misleading information or its improper use. If you are aware of any information that should be added or corrected, please contact our Knowledge Management Unit at 780.917.7877 or fax: 780.426.0535.

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