The monthly economic review, published by the Alberta government had some interesting information this month. Here are some of the highlights:
- The unemployment rate in Alberta fell to 6.7% in December, down from 7.4% in November putting us third in the country right behind Saskatchewan and Manitoba. Nationally the unemployment rate was 8.5%. Employment gains were seen in accommodation and food services and health care while losses were felt the hardest in manufacturing, mining and oil and gas extraction.
- As of October our population was up 2.3% from the same time last year even though in Q3 Alberta saw a net loss of 2535 inter-provincial migrants (international migrants were up 10,415).
- Retail sales in October were 8.9% lower than the same time last year – largest declines were seen in gas service stations, furniture, electronics and building and outdoor home supplies.
- MLS home sales were 62% higher in December '09 than '08 – the largest year over year increase in monthly sales since 1996.
- The consumer price index rose .8% in November in Alberta compared to 1.1% nationally.
- Manufacturing shipments decreased 24% in October '09 compared to '08.
- For all of 2009 the average number of active drilling rigs declined by 3.8% compared to '08.
- The value of international merchandise exports was 33.6% lower in November '09 than '08.
- The number of business incorporations increased by 3.4% in December '09 compared to '08 but were down 19.2% for the year as a whole.
Here are a few charts from the report that I thought were interesting:
Looks like a bit of a mixed bag of results. Unemployment falling is good but the big negative is exports being down so much. Being so dependent on the US, this situation will not improve for some time.
I am glad to see that the unemployment rate fell in December.
Related, I was having a few conversation with real estate builders today in the Greater Toronto Area. They were both very disappointed with the Government and they are not looking forward to the introduction of the HST.
They both said that they are going to be impacted in such a negative manner.
In fact, one of the builders who has been in the business for 40 years, is considering leaving the business because of the HST.
Nice post & stats. But just for the record, for all of 2009 vs 2008, the average number of active drilling rigs declined by 45.6%, not 3.8%. It is only the change between the months of December 2008 vs December 2009 that equals -3.8%.
Also another stat that really jumped out at me, the number of consumer bankruptcies increased by 78.1% during January to October 2009 compared to the same period last year — yikes!