Economic Impacts for St. Albert

The year 2009 was extremely challenging for municipalities in Canada and, in fact, across North America.  The recession took its toll on various industries, pushed the country’s unemployment rate up and created uncertainty in both the private and public sectors.

While St. Albert was affected by the recession over the last year, it did not directly impact our economy as hard as the local economies of other Canadian municipalities.  This was due, in part, to the employment structure of our community where many residents are employed in less volatile sectors, such as education, health care, retail and business services. The more prominent effects for our city were felt through decreased provincial funding to municipalities and a drop in investment income that was far lower than expected.

The City of St. Albert is effectively managing its way through these challenging times and, according to recent reports, it appears the country is starting to emerge from the recession.  Job markets are improving, development is moving forward, the housing market is seeing increases in sales and consumer confidence is on the rise.

Moving into 2010, the City will proceed with cautious optimism, continuing its work to track economic conditions and react to changes in the most appropriate manner to keep our finances strong and our community well-maintained.