Alberta’s economy expanded through the period covered by the latest Alberta Economy Indicators at a Glance release, while population growth, employment, housing activity and trade all changed materially between 2022 and 2024 year to date. The figures below keep annual, monthly and year-to-date measures separate so that partial-year results are not mistaken for full-year totals.
Contents
- Economic growth and activity
- Population and migration
- Labour market conditions
- Household spending and prices
- Housing market and household financial stress
- Trade, energy and business activity
Economic growth and activity
The Alberta Activity Index increased 4.8% year over year in 2022. Growth was 1.4% in 2023, then 2.1% year over year in 2024 year to date. These are different measurement periods: the first two figures describe annual results, while the third is the year-to-date figure reported in the January 10, 2025 release.
The monthly Activity Index readings reported for the second half of 2024 were positive throughout the listed period. The index rose 3.6% year over year in July, 2.5% in August, 2.0% in September and 2.5% in October 2024. This sequence shows continued year-over-year expansion, although the monthly rates were not uniform.
Alberta real GDP by industry increased 5.3% in 2022 and 1.5% in 2023. The GDP measure and the Activity Index are separate indicators, so their growth rates should not be treated as interchangeable. The GDP figures come from the earlier Alberta Economy Indicators at a Glance release, while the Activity Index and most other figures in this article come from the January 10, 2025 release.
| Measure | 2022 | 2023 | 2024 year to date |
|---|---|---|---|
| Activity Index, year-over-year change | 4.8% | 1.4% | 2.1% |
| Population | 4.511 million | 4.685 million | 4.889 million |
| Employment, seasonally adjusted average | 2.376 million | 2.461 million | 2.540 million |
| Consumer price index, year-over-year change | 6.4% | 3.3% | 2.9% |
Source: Alberta Economy Indicators at a Glance. Annual data in the report are labeled unadjusted, while monthly and selected series are seasonally adjusted.
Population and migration
Alberta’s population was 4.511 million in 2022 and 4.685 million in 2023. The reported 2024 year-to-date population was 4.889 million, followed by 4.932 million in December 2024. Population is presented on a census-year basis, covering July 1 through June 30, so these figures should be read with the report’s stated population-period convention.
Interprovincial migration increased sharply across the annual results shown. Alberta recorded net interprovincial migration of 5,646 people in 2022 and 39,408 people in 2023. The reported 2024 year-to-date figure was 43,750 people. Net interprovincial migration counts the balance of people moving to Alberta from other provinces and territories after people moving out are accounted for.
International migration also contributed to population change. Alberta recorded net international migration of 57,753 people in 2022 and 119,699 people in 2023. The supplied release does not provide a comparable 2024 year-to-date net international migration figure in this set of indicators, so no 2024 value is stated here.
Population growth matters for interpreting other economic measures. More residents can affect the scale of retail demand, the number of people seeking work and the need for housing, but the population figures alone do not measure household income, productivity or living costs. Those indicators are reported separately below.
Labour market conditions
Seasonally adjusted employment averaged 2.376 million jobs in Alberta in 2022. The average rose to 2.461 million in 2023 and 2.540 million in 2024 year to date. Because these are averages for their stated periods, the 2024 year-to-date figure is not a full-year employment average.
The seasonally adjusted unemployment rate averaged 5.8% in 2022 and 5.9% in 2023. It averaged 7.0% in 2024 year to date and was 6.7% in December 2024. These measures describe the share of the labour force that was unemployed under the report’s labour-market definitions; they are not the same as the employment count.
The seasonally adjusted participation rate averaged 69.8% in 2022, 69.6% in 2023 and 69.4% in 2024 year to date. Participation describes the proportion of the relevant population taking part in the labour force, so it helps put the unemployment rate in context. A change in participation can affect the unemployment rate even when employment is also changing.
Average weekly earnings in Alberta were $1,327 on a seasonally adjusted basis in 2024 year to date. This is an average earnings measure for the stated period, not a median wage and not a direct estimate of take-home pay. It also should not be compared with the consumer price index as though the two measures describe the same thing.
Household spending and prices
Alberta retail sales totaled $97,807 million on an annual seasonally adjusted basis in 2022 and $101,979 million in 2023. The report lists $85,881 million for 2024 year to date on its seasonally adjusted basis. Since the 2024 figure is year to date, it is not an annual total and should not be read as a decline from the 2023 full-year amount.
New vehicle sales totaled 184 thousand units in 2022 and 210 thousand units in 2023. The 2024 year-to-date total was 189 thousand units. These totals describe units sold, not the dollar value of vehicle purchases or the number of unique households purchasing vehicles.
Price growth slowed across the annual and year-to-date readings supplied. Alberta’s consumer price index increased 6.4% year over year in 2022, 3.3% in 2023 and 2.9% in 2024 year to date. In October 2024, the consumer price index excluding food and energy increased 3.0% year over year. The exclusion measure is narrower than the headline index and should be interpreted as a separate price indicator.
The 2022 and 2023 price figures are annual results, whereas the 2024 year-to-date figure is reported exactly as labeled in the January 10, 2025 release. The report’s notes also indicate that historical data may be revised, so published figures can change in later releases.
Housing market and household financial stress
Alberta housing starts were running at a seasonally adjusted annual rate of 36.5 thousand units in 2022 and 36.0 thousand units in 2023. The rate reached 47.9 thousand units in 2024 year to date. A seasonally adjusted annual rate is a pace converted to an annual rate for comparison; it is not a count of homes actually started during the full year.
On the same basis, housing starts increased 36.4% year over year in 2024 year to date. The November 2024 reading showed a 41.4% year-over-year increase. These growth rates describe housing-start activity, not completed homes, sales or the number of new households formed.
The new housing price index increased 12.0% year over year in 2022, 1.0% in 2023 and 2.7% in 2024 year to date. The seasonally adjusted MLS average resale price was $447,000 in 2022 and $451,000 in 2023. No 2024 year-to-date MLS average resale price is included in the supplied figures.
Taken together, the indicators describe different parts of the housing market. Housing starts measure construction activity, the new housing price index measures price movement for new homes, and the MLS average resale price describes the average resale market price. They should not be combined into a single estimate of affordability or household financial stress without additional information on rents, mortgage rates, incomes and household debt.
Trade, energy and business activity
Alberta goods exports on a customs basis totaled $204,963 million in 2022 and $174,830 million in 2023. The report lists $165,716 million for 2024 year to date. As with retail sales, the 2024 year-to-date value is not a full-year total and should not be directly ranked against the annual 2022 and 2023 figures without matching periods.
Energy-product exports totaled $160,983 million in 2022, $130,726 million in 2023 and $126,237 million in 2024 year to date. Agricultural-product exports totaled $10,611 million in 2022, $11,929 million in 2023 and $10,175 million in 2024 year to date. These are export values, not production volumes, and the energy and agricultural categories are components of the broader goods-export measure.
Manufacturing shipments totaled $84,964 million on a seasonally adjusted basis in 2024 year to date. This measure describes shipment value for the stated period and is not the same as goods exports: products made in Alberta can be sold within Canada, while exports measure goods shipped outside the relevant domestic boundary under the report’s customs basis.
The trade and business figures show why Alberta’s economy is best read through several indicators at once. Energy products account for a large reported export value, agricultural products provide a separate export stream, and manufacturing shipments add a domestic production measure. None of these figures alone identifies the source of overall economic growth, and the release does not provide a complete sector-by-sector explanation in the figures listed here.
All statistics in this article are from Alberta Economy Indicators at a Glance, except the 2022–2023 real GDP by industry figures, which are from the earlier Alberta Economy Indicators at a Glance release. The reports note that annual data are unadjusted, monthly and selected series may be seasonally adjusted, 2024 year-to-date values are not full-year totals, and historical data may be revised.