ATB Financial says province’s economy slowing significantly, job losses likely

The chief economist of Alberta’s Crown-owned financial institution says the province’s economy is slowing significantly due to slumping oil prices.

CALGARY — The chief economist of Alberta’s Crown-owned financial institution says the province’s economy is slowing significantly due to slumping oil prices.

Todd Hirsch of ATB Financial says that will likely mean job losses and curtailed investment in the energy sector.

He says housing starts remain stable, but the residential real estate market is soft, which suggests construction activity will cool.

Hirsch says people are still moving to Alberta, but in lower numbers.

He says the biggest change since ATB’s forecast in January is that energy prices aren’t expected to stabilize and start to gradually rise until late summer and the fall.

Hirsch says on the bright side agriculture, forestry and tourism are benefiting from lower fuel prices and the lower Canadian dollar.

“While it will be a challenging year, Albertans shouldn’t panic,” Hirsch said Tuesday in a release. “It will by no means be the worst economic year in recent history.”

Hirsch is forecasting economic growth this year to be 0.8 per cent and unemployment to rise to six per cent.

He predicts an average U.S. oil price of between $50-60 per barrel by the end of the year.

Just Posted

The best caesar in Canada can be found in Sylvan Lake

Kjeryn Dakin’s Tragically Hips caesar won the national Best Caesar in Town competition

Family says five found dead after Alberta fire were couple and their grandkids

ROCHFORT BRIDGE, Alta. — The family of five people whose bodies were… Continue reading

Rescue dogs come to Canada in search of forever families

There were dozens of dogs in the back of the van travelling… Continue reading

WATCH: Parkland Garden Centre hosts weekly Craft and Market Sale

A weekly event hosted by the Parkland Nurseries Garden Centre gives Red… Continue reading

WATCH: CP Holiday Train supports Lacombe Food Bank

Madeline Merlo and JUNO Award nominee Scott Helman both performed

Your community calendar

Friday The Annual Old-Fashioned Country Christmas is being held Dec. 13 at… Continue reading

Quebec Premier Francois Legault heads to Hollywood to talk carbon and business

LOS ANGELES — After a tumultous legislature session, Quebec Premier Francois Legault… Continue reading

Conservatives urge Morneau to deliver ‘urgent’ fall economic update

OTTAWA — The Conservatives are calling on Finance Minister Bill Morneau to… Continue reading

Flames edge Kings 4-3 to remain unbeaten under interim head coach Geoff Ward

CALGARY — From his contributions on the scoresheet to his role in… Continue reading

Five things to watch for in the Canadian business world in the coming week

TORONTO — Five things to watch for in the Canadian business world… Continue reading

Google taps into Montreal’s rich gaming industry for first-party Stadia content

Sebastien Puel has seen Montreal evolve into a game development powerhouse over… Continue reading

Man dead after lengthy standoff with RCMP at home northeast of Calgary

COCHRANE, Alta. — A man in Alberta has died after an officer… Continue reading

Turkey trouble: Quebec village looks to dump wild bird running afoul in town

MONTREAL — In the small Quebec town of St-Prosper-de-Champlain — population 552… Continue reading

Most Read