CAUSES FOR OPTIMISM

The shedding of 1,000 positions at Enbridge Inc. was worrying news, but there are increasing signs of economic growth in the city. Besides, the Enbridge job losses were anticipated to some extent after the Calgary company purchased Houston-based Spectra Energy for $37 billion in a deal that closed Feb. 27.

“I do think it’s an outlier to what’s going on in the rest of the market; we’ve seen an easing in the pain of the market,” says Jim Fearon, vicepresident at recruitment firm Hays Canada.

“Two big companies become one, and sad as it may be, and unfortunate for some people, some of them are surplus to requirements, and I think that’s really all that you’re seeing in this scenario.”

There’s good news in both the planned expansion of Chinook Centre and the annual Calgary Stampede chuckwagon canvas auction, which raised a little more money than last year. The auction, which gives supporters the right to advertise on the tarps of one of the 36 chuckwagons that compete in the July extravaganza, is a bellwether of the economy.

This year’s auction collected $2.4 million from bidders, slightly higher than the $2.3 million raised last year, which was the worst showing since 2010, when the fundraiser brought in $1.97 million. The record year was 2012, when bidders pledged just over $4 million.

“I think it’s a really good lead indicator, as it always has (been),” said Dave Sibbald, president of the Calgary Stampede’s board of directors. “I mean, we’re up over last year, we’re starting to see the economy come around, and this is very positive news as we start to enter into our ad campaigns and our launch.”

Perhaps the biggest vote of confidence in Calgary’s prospects is the decision by Cadillac Fairview to expand the landmark Chinook Centre on Macleod Trail. The Toronto-based company wants to transform the shopping centre’s east parking lot into more retail space, along with office, residential and hotel towers, all within a pedestrian-friendly development. A new parkade will replace the parking spaces that will be given up.

Coun. Brian Pincott, who represents the area, believes the expansion will make Chinook Centre the highest-assessed property in the city, a title it held before the construction of The Bow tower downtown.

“It’ll be completely market driven ... people still want to invest in Calgary pretty heavily,” said Pincott.

Calgary may not yet be enjoying boom times, but there are solid signs of economic improvement. We should celebrate them and be optimistic about the city’s future.