Alberta's economy turning corner by Daniel J. Graeber Edmonton, Alberta (UPI) Nov 8, 2016
Alberta's economy is turning the corner after low crude oil prices and May wildfires created headwinds, provincial leaders said while touting a jobs plan. "Too many families are struggling with job losses and uncertainty, so we took decisive action with a plan that's creating jobs now," Deron Bilous, the minister for economic development and trade, said in a statement. The provincial government started the year with efforts to diversify an economic that relies heavily on oil for revenue. A jobs plan that includes more than $30 billion in capital spending emphasizes market diversity and small business tax breaks to boost regional prospects. Alberta's economy was hit hard in May when wildfires sidelined about 1 million barrels of oil production per day. More than 27,000 jobs were lost in the province between May 1 and July 31, but by the provincial government's estimates, around 25,000 jobs were added between Aug. 1 and Oct. 31. "We're getting back on our feet," Bilous said. Provincial leaders this year appointed a five-member task force to help steer research, development and deployment of technology that could be used to advance a low-carbon economy in Alberta. The province lies at the heart of the Canadian oil sector and lower crude oil prices have resulted in a 3.7 percent contraction for the provincial economy. The government in September unveiled a $23 million package to help pay for long-term, locally developed projects meant to create jobs and diversify the provincial economy. So far, the government expects investments not tied to the oil and gas sector to reach $28 billion, which would be a record if estimates are accurate. Total oil production for July, the last full month for which data are available, was 91 million barrels, about 5 percent less than last year.
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