According to the Government of Alberta’s Q1 fiscal update, the province is witnessing an unprecedented rate of population growth, which in turn is significantly elevating its economic outlook. More than 46,000 people have moved to Alberta from other parts of Canada in the 2023 census year alone. This record-breaking number surpasses the previous high set in 2006 and outpaces growth in all other provinces. The robust economic conditions, housing affordability and lower cost of living in Alberta have been strong pulls for new residents. International migration is also setting records, particularly due to an influx of non-permanent residents, which includes temporary foreign workers, international students and refugees. Notably, more than 37,000 migrants have arrived since June 2022, fleeing the conflict in Ukraine.
The demographic shift is having a profound impact on the province’s future. Alberta’s population is now forecast to grow by 4.4% in the 2023 census year, the fastest annual growth since 1981 and well above the initial budget forecast of 2.9% growth. This increased population is expected to boost consumer spending, expand the labor force and create a more dynamic local economy. The Q1 fiscal update makes it clear: Alberta is entering a transformative period, powered by its rapidly growing population.
You can read the full Q1 fiscal update here.
