Alberta’s energy sector is flourishing, benefiting from rising energy prices, favorable exchange rates, and increased production following the completion of the TMX pipeline. Additionally, the province has experienced significant population growth, fueled by both international and interprovincial migration, which has supported the housing and construction sectors, despite the challenges posed by higher interest rates. As a result, many analysts are forecasting that Alberta will lead all provinces in economic growth in 2024.

Looking towards 2025, concerns about potential U.S. tariffs have slightly dampened growth expectations. However, most projections still indicate that Alberta’s economy will continue to expand. In addition to the energy sector, growth is expected to come from investments in alternative energy, carbon capture and storage, food manufacturing, and artificial intelligence data centers. These sectors, combined with anticipated rate cuts by the Bank of Canada, are expected to drive economic activity. ATB Economics suggests that if Alberta avoids U.S. tariffs, the province’s economic growth could be nearly double current predictions, likely resulting in stronger interprovincial migration and a boost in housing activity