The way to get a recession in Edmonton - Blog
John Rose, Chief Economist at the City of Edmonton, started his presentation at the Edmonton Real Estate Forum earlier this month with a bit of humor. "There are two kinds of forecasts," he told the packed room. "Lucky and wrong!" He finished it on a much more serious note, saying "the way to get a recession in Edmonton is to have the provincial government make cuts." The general message from Rose was that because Edmonton's economy is more diversified than Calgary's or the rest of Alberta, we have handled the downturn better than those locations. "Lethbridge might be the only other jurisdiction that is less reliant on energy than Edmonton," he said. But, there are reasons to be less optimistic about future growth. Our unemployment rate went up during the economic downturn "primarily because our labour force grew faster than we could generate jobs," Rose said, pointing to the increase in migration from other regions that fared worse. It has since gone down to 6.6% but that's not