ECONOMY IS IMPROVING

There’s growing reason for optimism about Calgary’s improving economy. The city’s unemployment rate is slipping slightly, and a recent survey of 748 business owners and executives found they’re more bullish on Calgary’s prospects.

“We know that Calgary is a hot spot for entrepreneurship and business inspiration. This report shows that the time is now for both emerging and established businesses to take the opportunity to grow new ideas into tangible outcomes,” says Sandip Lalli, president and CEO of the Calgary Chamber of Commerce, which commissioned the survey with Calgary Economic Development.

The study says business confidence in Calgary’s economy increased 10 per cent in the past year — to 70.4 points out of 100. There’s clearly room for further improvement, but at least the trajectory is in the right direction.

The city’s economic pulse is taken twice a year — most recently between May 14 and June 5. Importantly, 40 per cent of respondents say they intend to hire more staff in the next 12 months, which is good news for those still looking for work.

The plan to take on more employees is no doubt fuelled by the fact 62 per cent of respondents say their businesses are busier than they were last year. In the previous survey, just

35 per cent of businesses reported they were busier than before.

As one would expect, optimism doesn’t exist in equal measures. Sixty-six per cent of people in the business and professional services sector believe the economy will get better. The figure drops to 53 per cent in the energy sector and to 51 per cent in real estate and construction.

“It has been a challenging couple of years, and for some sectors, it still is, but it is encouraging to see the optimism is high in many of the industries we have identified to diversify and grow the economy,” says Mary Moran, president and chief executive of Calgary Economic Development. “It is also positive to see companies looking to new customers and markets in response to emerging opportunities.”

The economic signals are positive, but there’s more work to be done, as both organizations acknowledge. No one is anticipating employment in Calgary’s corporate energy sector is going to bounce back to what it once was — certainly not in the short term.

A recent update to Calgary Economic Development’s strategy emphasizes the need to attract and retain talented people, ensure Calgary is Canada’s most livable and businessfriendly city and to focus on innovation.

These are important initiatives that will ensure Calgary’s economy continues to strengthen.