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2018-19 Third Quarter Economic Update for Alberta

 

Path to Balance

 

After the worst recession in a generation, Alberta’s economy is recovering. Employment has surpassed pre-recession levels, and real GDP will fully recover this year. But there is more work ahead. The recovery is not being felt at every kitchen table, given the size and duration of the oil price shock and persistent market access challenges. Some indicators have fully recovered including retail sales, employment and exports, but others continue to lag. Last year, Alberta’s economic momentum was interrupted by severe market access challenges, a failure of successive governments in Ottawa. By late 2018, the discount on Alberta’s oil widened to record levels, putting jobs and the value of resources Albertans own at risk. The Alberta government moved quickly and decisively to improve the value of Alberta’s resources. In the short term, the government has temporarily curtailed production, bolstering Alberta oil prices. Over the medium term, it is investing in crude-by-rail, providing critical takeaway capacity until pipelines are built. The government will continue to fight for pipelines and invest in adding more value to our oil and gas resources. Despite ongoing volatility, the government has not wavered in its commitment to return the budget to balance by 2023–24. The government has already made significant progress; in 2018–19, the deficit is expected to be nearly $4 billion below 2016–17 levels. The deficit is expected to come in better than the budget forecast for the second straight year (Chart 1). The government has outperformed on deficit reduction the last two years because of prudent revenue forecasts and careful spending management. Revenue has far exceeded the government’s projections over the last year two years and the Path to Balance continues to be based on prudent assumptions. Sufficient pipeline access is not assumed for budget purposes until the second Chart 1: Deficit lower than Budget forecast for second straight year Alberta Budget Deficit
Source: Government of Alberta; *2018‐19 is an estimate, other years are actuals

Click here to veiw the full Alberta Economic Report :https://open.alberta.ca/dataset/9c81a5a7-cdf1-49ad-a923-d1ecb42944e4/resource/a0f104f4-75a6-4d7e-8e52-dbad812c3941/download/2018-19-3rd-quarter-report-fiscal-update.pdf

New Women Entrepreneurship Fund

The WES Ecosystem Fund is now closed for submissions. The deadline was November 22, 2018 23:59 PST.

Funding decisions are expected to be announced in Spring 2019. See Frequently asked questions (FAQs) webpage for details relating to project start date and incurred expenses before signing of the Contribution Agreement. Please note that we continue updating FAQs on a regular basis to reflect enquiries from applicants.

 

Western Economic Diversification Canada is pleased to share that the Government of Canada launched the Women Entrepreneurship Fund, a new program under the Budget 2018 Women Entrepreneurship Strategy (WES). This Fund along with the WES Ecosystem Fund is part of a comprehensive, whole-of-government plan to help women grow their businesses through access to financing, networks and advice.

Western Economic Diversification Canada, along with the other regional development agencies across the country, will be working with Innovation, Science and Economic Development Canada to deliver these two funds.

The WES Ecosystem Fund
This $85 million, five-year program will strengthen capacity of organizations supporting women entrepreneurs by ensuring they have the business supports they need to start or grow a business.

Projects must be led by not-for-profit organizations and must respond to the needs of diverse and under-represented women. There is a national/multi-regional stream and a regional stream under the fund.

Applications for the WES Ecosystem Fund close on November 22, 2018. Details on the application process can be found at https://www.ic.gc.ca/eic/site/129.nsf/eng/00003.html.

The Women Entrepreneurship Fund
Investments under this program will help women-owned and women-led businesses to grow their existing businesses, so they can pursue opportunities in domestic and global markets. It will provide non-repayable funding up to $100,000 for projects that focus on the:

• pursuit of market opportunities abroad;
• scale-up, expansion and growth; and,
• additional activities that support the objectives of the Women Entrepreneurship Fund

Please refer to the Frequently Asked Questions (FAQs) pages for additional information:

Women Entrepreneurship Fund FAQs
WES Ecosystem Fund FAQs

 

Government of Canada Announces New Funding and Engagement Plan in Alberta for Western Canada Growth Strategy

 

Strategy aims to grow the economy and create middle-class jobs by building on Alberta’s unique strengths and competitive advantages.

September 14, 2018 – Edmonton, Alberta – Western Economic Diversification Canada

Our government is supporting economic growth and creating good middle-class jobs in Alberta and across western Canada.

As announced in Budget 2018, the Government is committing $208 million over five years to promote the development and diversification of the western Canadian economy. This is why, Canada’s Minister of Natural Resources, the Honourable Amarjeet Sohi, and Randy Boissonnault, Member of Parliament for Edmonton Centre and Special Advisor to the Prime Minister on LGBTQ2 Issues on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for Western Economic Diversification Canada (WD), today launched an engagement plan to develop a regional growth strategy with western Canadians for western Canadians.
From coast to coast to coast, Canada’s economy is as diverse as its landscapes, presenting unique challenges and opportunities. This strategy will grow Alberta’s economy, create good middle-class jobs, and lay the foundation for long-term prosperity across the four western provinces. It also builds on the Innovation and Skills Plan to make Canada a world leader in innovation and create good middle-class jobs.
Albertans are invited to share their ideas online to help shape the Western Canada Growth Strategy. Over the fall, roundtable discussions will take place in major cities across Western Canada with businesses, different levels of government, thought leaders, Indigenous Peoples, rural communities, women, youth, and new immigrants to develop a new, targeted approach to economic development with a focus on innovation.

Quotes
“Our government is building a vibrant economic future for Western Canada. The Western Canada Growth Strategy is a step forward in the Innovation and Skills Plan to strengthen Canada’s position as a centre of innovation and grow the middle class. By engaging Albertans in the development of this strategy, we are developing a tailored approach that leverages regional strengths and opportunities to build an innovative and inclusive economy in Western Canada.”
- The Honourable Amarjeet Sohi, Minister of Natural Resources and Member of Parliament for Edmonton Mill Woods

“Hearing from the very people who will benefit from a stronger economy in Western Canada is an important way to ensure that we remain competitive in today’s global marketplace. The input we receive will shape the roadmap to strengthen Western Canada by stimulating the economy and increasing job opportunities for all Canadians including Indigenous Peoples, women and youth.”
- Randy Boissonnault, Member of Parliament for Edmonton Centre and Special Advisor to the Prime Minister on LGBTQ2 Issues
Quick facts
• The Western Canada Growth Strategy will be a roadmap to build an innovative Western Canada - one that strengthens the economy, supports innovative and resource-based industries, and increases job opportunities for all Canadians.
• Alberta is home to 37% of the western population and 27% of Indigenous Peoples in Western Canada are located in Alberta.
• Alberta’s GDP increased by 4.9% in 2017 to $304.7B, growing faster than any other province.
• In 2017, Alberta’s exports were second highest in value among provinces in Canada.
• Almost 175,000 small and medium-sized businesses are based in Alberta.
• Two of Canada’s top 15 research universities are located in Alberta.

Related products
• Backgrounder: Towards a Western Canada Growth Strategy

Associated links
• Western Canada Growth Strategy
• Innovation and Skills Plan
• Building an inclusive and innovative Canada
• Backgrounder: Investing in Regional Innovation and Development

Follow the department on Twitter: ,

Contacts 

Nilani Logeswaran, Press Secretary

Office of the Minister of Innovation,
Science and Economic Development
343-291-2849
613-668-1794


Media Relations Innovation, Science and
Economic Development Canada 343-291-1777
ic.mediarelations-mediasrelations.icatcanada.ca


Media Relations
Western Economic Diversification Canada
613-227-7393
wd.media-medias.deoatcanada.ca

Climate Action Fund

Volunteer Board of Directors Opportunity

Community Futures Centre West knows that community matters as much as success.

VOLUNTEER BOARD OF DIRECTORS OPPORTUNITY
We are recruiting forward-thinking, value-oriented board members with a passion for leadership, community development, and entrepreneurship. Our professional board development program will keep you challenged, stimulate creativity and build leadership capabilities.
Funded by Western Economic Diversification, CF Centre West is a non-profit organization governed by a volunteer Board of Directors. Directors are local community champions and professionals with diverse skills and backgrounds and are responsible for setting the strategic direction of the organization.
For more information and to apply  go to: http://centrewest.albertacf.com/board-recruitment
Or contact Patti-Jay Powell, Executive Director e: ppowellatalbertacf.com, c: 403.389.8272 

New Opportunity- Investing in Canada Infrastructure Plan- What is Means for Alberta

Projects to Build Prosperous Communities

The governments of Canada and Alberta are working together to make long-term infrastructure investments that will create economic growth, sustain well-paying jobs, build inclusive communities and support a low carbon, green economy-leading to a high quality of life for all Canadians.

 

Here's the latest news!

On April 1, 2018 all Alberta Community Futures Associations will have a new and improved website!

Youth Can Do It!

Are you between 18-24 and reside in Canada? Do you have an entrepreneurial spirit? Would you like the opportunity to network and gain mentorship? Are you willing to share your story with us?

The Youth Can Do It! event will identify diverse, young entrepreneurs and bring them together in Ottawa to connect with inspiring business experts to support their journey forward. Selected young entrepreneurs will gain support from the business community and will create new connections. Most importantly they will be inspired to achieve their entrepreneurial goals.

Selected young entrepreneurs will be invited to visit Ottawa on June 10 - 12, 2018, to network, create and exchange ideas.

Featuring:

Resources for business leaders of tomorrow
Networking and collaboration activities
Mentoring opportunities
Opportunities to share ideas with other young entrepreneurs
The deadline for applications is March 12, 2018.

Contact information
If you have any questions regarding Youth Can Do It! or need more information please email our team: ic.youngentrepreneur-jeuneentrepreneur.icatcanada.ca

Application process for Youth Can Do It!
From Innovation, Science and Economic Development Canada

Youth Can Do It! celebrates young Canadian entrepreneurs from across the country. Selected entrepreneurs will be invited to Ottawa for three days of activities and celebration from June 10 - 12, 2018.


Eligibility
You must be a young entrepreneur, aged 18-24
You must reside in Canada
You must complete an application submission
You must be available to attend the Youth Can Do It! event in Ottawa from June 10 - 12, 2018
How to apply
Applications must be submitted by 11:59 pm EDT on March 12, 2018.

Your submission must include a completed application form and video.

The video must be 1-2 minutes in length in which you must:

tell us about your entrepreneurial story
explain why you are the perfect candidate
talk about what inspires you to become an entrepreneur and how you got to where you are
What this means for you
If selectedFootnote **, you will receive:

a trip to OttawaFootnote *** from June 10 - 12, 2018
opportunities for networking and mentorship
access to information and resources for your venture
Airfare and accommodations for the event in Ottawa in June 2018 will be provided for the selected entrepreneurs.

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3209, 101 Sunset Drive
Cochrane, AB T4C 0W7

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Airdrie, 
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