The Slump in the Prairies – Apr 2018

You might’ve heard about the boom in development in the Canadian prairies in the past 5 years. Calgary, Albert’as largest city, boasts of its out front position leading the way. Within the last three years however, Calgary’s land scape changed drastically and it’s challenging everything we know about the place. The EnerScope team is on location in Calgary and we’re chatting with the locals to get their take on it.

Industry

Calgary’s main income generator is the energy industry, moreso oil and natural gas and services. Even though it isn’t Alberta’s capital, talks of airport expansions see it as the province’s logistics hub. Estimates place 65% of the main industry being Energy. That is followed by media and logistics.

Prices

After crude prices took a dip in late 2015, Calgary feared hard. House values were being slashed left, right and center. The large firms were trying to outdo that with their own layoffs. Several professionals began leaving the city, providing they could sell what was left of the value of their houses.

Impacts

Several food banks recorded an incline in suscriptions and calagrians began to look to other industries. Argriculture is one of those industries, so is the financial services sector and tech.Many persons have expressed to us that they are moving on, have a hopeful out look and are not willing to look back.

In conclsuion, one thing is for certain. Calgary’s post 2016 economy is guaranteed to look increasingly different than it did 5 years prior. One thing about this gorgeous skyline is that it is resilient.

Calgary

Marcus