Calgary's economy in 2024: resiliency driven by population growth, commodities and consumer spending

Keynote speakers at 2024 Economic Outlook project Calgary and Alberta will navigate economic headwinds more effectively compared to other regions in the year ahead

CALGARY, AB, Nov. 1, 2023 /CNW/ - Record population growth, strong commodity prices and consumer spending are expected to position Calgary and Alberta well in the year ahead, however challenging economic headwinds will have a dampening impact on growth. Top economists and business leaders will share their insights at Calgary Economic Development's 2024 Economic Outlook event, powered by ATB, on Nov. 1, 2023.

"To future-proof our city, we must be proactive in understanding the economic dynamics that impact us," stated Jyoti Gondek, Mayor of Calgary. "Calgary's resilience and adaptability have always been hallmarks of our community. By coming together to explore what's in store for 2024, we are taking an essential step to secure a prosperous future for our city."

Brad Parry, President and CEO of Calgary Economic Development, and CEO of the Opportunity Calgary Investment Fund, will speak to the need to address shifting perceptions of Calgary among business leaders in key markets and to continue to attract top talent to the city. This will be based on new, preliminary research findings of these perceptions, which will be revealed at the event.

"To maintain our competitive edge, we must continue to believe and invest in ourselves and foster an environment that rewards risk-takers and innovators," he stated. "Even if, and especially because, it may not be as easy to do this in the year ahead."

Global economic headwinds are expected to impact Calgary and Alberta in 2024, but comparatively less than other regions across Canada and around the world.

ATB Financial forecasts GDP growth in Alberta will be 2.7 per cent this year and 2.0 per cent in 2024. The province is comparatively more resilient than others across Canada with diversification across the energy sector, higher investment trends and the influx of migrants.

"In the past year, Alberta's economy has weathered the inflation storm better than most. Strong population growth and a revitalized energy sector will continue to put Alberta's economy ahead of the crowd even as it slows in the face of higher interest rates. With headwinds building, we expect growth to slow next year, before picking up again in 2025," said Mark Parsons, Vice President and Chief Economist at ATB Financial.

Stephen Poloz, Special Advisor at Osler and former Governor of the Bank of Canada, will dive into the challenging global economic headwinds anticipated next year. "Calgary and Alberta have proven their mettle time and again. With a robust resource sector, diverse industries and a talented workforce, the region is in an enviable position," shares Poloz. "I look forward to sharing my insights with Calgary's leaders as they prepare for 2024."

"Albertans and Calgarians are feeling the impacts of global inflation and high interest rates. Despite these economic challenges, we have seen significant growth across multiple sectors in this province," said Curtis Stange, President & CEO, ATB Financial, presenting sponsor. "Diversification of our local businesses and industry sectors is pivotal to the sustainable growth of Alberta and Calgary's economy. The business community has shown their resilience, tenacity and adaptability to continue to push forward toward a promising future."

2024 Economic Outlook will feature a panel conversation with community leaders on the importance of Calgary's leadership in the energy transition, earning investor confidence, and being inclusive of Indigenous communities, newcomers and other equity-deserving groups. Panelists will include Janet Annesley, Chief Sustainability Officer, Kiwetinohk Energy Corp.; Matthew Foss, Vice President Research & Public Policy, Canadian Council for Aboriginal Business; and Neeraj Gupta, Serial Entrepreneur, Angel Investor and Board Advisor, Lawcubator Technologies Inc.

2024 Economic Outlook, powered by ATB, will be a milestone event, bringing together leaders, experts, and investors to chart a path for Calgary's economic future. For more information and event details, please visit https://www.calgaryeconomicdevelopment.com/events/economic-outlook/

ABOUT CALGARY ECONOMIC DEVELOPMENT

Calgary Economic Development is a conduit, connector, catalyst and storyteller for the city of Calgary. Promoting Calgary as the location of choice for people, investment and business, our work is rooted in positioning Calgary for long-term economic success and shared prosperity for all through the expansion, retention and attraction of companies, capital and talent. As stewards of the economic strategy, Calgary in the New Economy, our vision is for Calgary as a place where bright minds and big ideas come together with an unmatched spirit to help solve global challenges. Learn more at calgaryeconomicdevelopment.com, or follow us on LinkedIn and Twitter @calgaryeconomic.

For further information: 

Calgary Economic Development
Grace Fullerton
Manager, Communications
Media Line: 403 880 7040
Email: [email protected]

ATB
Crystal Nash
Associate Director, Media Relations
Mobile: [phone]
Email: [email protected]

SOURCE Calgary Economic Development Ltd.