Calgary Chamber business priorities in 2024

Like many provinces across Canada, Alberta is expected to slow in 2024. While Alberta is not immune to the realities of a slowing economy, we remain better positioned than most to weather uncertainty. According to ATB Financial, the province will rank as one of Canada's growth leaders, forecasting provincial GDP growth of 2.0 per cent in 2024. This growth will likely be driven by energy prices, record migration to the province, and economic diversification.

2023 in review

Last year, Alberta saw record population growth. The provincial government’s Alberta is Calling campaign likely contributed to the positive boost in numbers. Between July 1, 2022, to July 1, 2023, we welcomed over 184,000 people to the province – the fastest year-over-year demographic growth of all provinces and territories last year. Alberta is now home to 4.7 million people. This population shift is important for maintaining our economic productivity, which drives our growth and prosperity.

Alberta’s technology sector cannot be forgotten and continues to see a number of unicorns appear on the scene. According to the Canadian Venture Capital and Private Equity Association, more than $2.5 billion in venture capital funding has been invested in Alberta tech companies since 2019; by Q3 2023, it reached $534 million. According to Invest Alberta, Calgary has broken its venture capital investment record for five years in a row and it is expected that Alberta’s spending on digital transformation is set to surpass $20 billion between 2021-2024, a forecast of 13 per cent year-over-year growth. Not to mention, Alberta is home to the second most private equity firms in the country. A report by Startup Genome names Calgary and Edmonton North American leaders to watch for our work in clean tech.

Infrastructure tells a city’s story. As a province, we continue to invest in ourselves as evident by the collaboration and government support of a new Event Centre and Entertainment District in Calgary. This public-private partnership is a key infrastructure investment in our city and is paramount for improving community vibrancy and attracting and retaining the talent businesses need to succeed. The agreement remains a signal that we are investing in our collective future and will have a ripple effect in the economy on jobs, tourism, transportation and civic vibrancy, providing economic opportunities for business. Investing in infrastructure helps retain and attract new talent to Calgary, which is particularly critical in a labour shortage.

What we’re watching

Despite a cautiously optimistic outlook for the year ahead, challenges for businesses remain including inflation, high interest rates, high debt costs and an ongoing labour shortage. Specific to Calgary, 58 per cent of businesses are concerned with rising inflation in the next three months, 36 per cent are concerned with rising interest rates and debt costs, and 31 per cent remain concerned with labour challenges. As governments create and finalize their budgets for the year ahead, the Calgary Chamber of Commerce calls for the following:

Federal

• Introduce measures that encourage fiscal prudence, address rising costs and reduce red tape. Lowering Canada’s debt-to-GDP ratio, as well as advancing initiatives that reduce burdensome government processes and supporting businesses to address rising costs are crucial to sustained economic growth. 
• Reduce uncertainty related to climate policy, including addressing the required changes to the Clean Electricity Regulations and emissions cap.
• Establish policies that support technology adoption and digital growth across sectors. This includes a commitment to working with Canada’s early-stage companies to ensure they have the support required to grow and succeed and providing businesses with incentives to adopt new technologies, including those that seek to reduce emissions or boost productivity. 

Provincial

• Reinforce Alberta’s economic strengths while continuing to invest in economic diversification. This requires the province to support traditional industries while also bolstering investments in post-secondary institutions and organizations that support emerging sectors.
• Position Alberta as a magnet for talent and investment to ensure the province’s future competitiveness. The province must continue to foster the regulatory conditions necessary to ensure the competitiveness of emerging sectors, and work to address the ongoing labour shortage through immigration, credentialling and investment in post-secondaries. 
• Invest in infrastructure that supports civic vibrancy, resilient supply chains, and market access to facilitate talent attraction and retention while reducing costs for businesses. 

Municipal

• Springboard Calgary’s early-stage businesses by enhancing access to existing funding programs and ensuring municipal procurement facilitates greater access to the City as an institutional client for products or services.
• Remain focused on building a safe and secure city, acknowledging that real and perceived public safety concerns have a direct impact on the success of local businesses and they communities in which they operate.
• Position Calgary as a magnet for talent by advancing strategic infrastructure investments that enhance livability and workplace inclusion, diversity, equity and accessibility.

Recognizing this work can not be done alone, the Calgary Chamber encourages government to collaborate with the business community to develop thoughtful, strategic public policies that reflect and benefit everyone.

Please note this article first appeared in Business in Calgary magazine.

ABOUT THE CALGARY CHAMBER OF COMMERCE

The Calgary Chamber of Commerce exists to help businesses reach their potential. As the convenor and catalyst for a vibrant, inclusive and prosperous business community, the Chamber works to build strength and resilience among its members and position Calgary as a magnet for talent, diversification and opportunity. As an independent, non-profit, non-partisan organization founded in 1891, we build on our history to serve and advocate for businesses of all sizes, in all sectors across the city.

Media opportunities

For media inquiries, please contact Shannon Hazlett, Senior Public Relations Advisor, at media@calgarychamber.com.