Calgary Chamber of Commerce advocates for economic stability and growth in upcoming provincial budget

The Calgary Chamber of Commerce calls for a renewed focus on business in Budget 2024, with a need to advance initiatives that alleviate the labour shortages and skills gaps, position Alberta as a leader in sustainable energy solutions, and ensure a diversified and resilient economy for all Albertans and Alberta businesses.

“Budgets are an important opportunity for governments to signal key priorities and advance strategic initiatives, which also include ensuring the needs of businesses are at the forefront of policy decisions,” says Deborah Yedlin, President and CEO of the Calgary Chamber of Commerce. “The coming year presents an excellent opportunity for Alberta as it seeks to grow and diversify its economy, while continuing to support the traditional sectors of the economy. We call on the provincial government to drive strategic initiatives and execute on bold visions in Budget 2024, focusing on addressing rising costs, economic diversification, talent development attraction and infrastructure investment.”

Recommendations

Rising costs and red tape

Rising inflation and interest rates continue to impact 61 per cent of businesses. As a result, businesses expect sales to slow in the near-term, and are limiting plans to hire more people or invest in the growth of their businesses. To maintain our competitive advantage, we call on government to ensure predictable tax rates, invest in the Heritage Savings Trust Fund, reduce the cost of electricity and natural gas, and develop additional housing.

Economic diversification and competitiveness

To ensure our long-term competitiveness, the Chamber encourages the government to invest in Alberta’s existing and emerging industries. This includes the implementation of stackable investment tax credits (ITCs), including through the proposed Alberta Carbon Capture Incentive Program (ACCIP) and expanding the Alberta Petrochemicals Incentive Program (APIP) to invest in low-carbon energy initiatives. Further, we are looking for Budget 2024 to expand on the success of the Alberta Film and Television Tax Credit, invest in ‘wet lab’ space, and invest in research and development at post-secondary institutions.

Talent and labour

As of Q4 2023 data, 28 per cent of Calgary businesses identify labour-related obstacles as a substantial concern, underscoring the importance of addressing barriers to fostering an inclusive and equal-opportunity labour force. This includes ensuring newcomers can work in the fields of their expertise, ensuring employers have the resources to hire top-talent, and facilitating opportunities for upskilling and reskilling.

Infrastructure & Supply Chain Enhancement

The modernization of civic spaces is critical to attracting talent. The Chamber encourages financial support for projects such as Arts Commons, Olympic Plaza and Foothills Multiport Fieldhouse, as well as the expansion of transportation infrastructure in Calgary. As of late 2023 data, nearly 29 per cent of Calgary businesses continue to face challenges in procuring domestic inputs, products, or supplies for a year or longer, highlighting the need for investments in supply chain resiliency.

The Chamber encourages the provincial government to work with Calgary’s business community to address these pressing issues and develop solutions together. We urge the government to take immediate action in establishing the necessary conditions for all businesses to thrive.

View our provincial pre-budget submission: Calgary Chamber 2024 Budget Submission to the Government of Alberta.

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 related to the Calgary Chamber, please contact Shannon Hazlett, Senior Public Relations Advisor, at media@calgarychamber.com.