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Calgary Economic Development
Phone: 403-221-7831
Toll-free: 1-888-222-5855
Fax: 403-221-7828
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January 10, 2006
2005 Calgary Economy Roars, Record Year for Building Permits
For Immediate Release
Calgary, Alberta (January 10, 2006) 2005 was a banner year for building permits in Calgary, with construction activity values hitting the unprecedented $3.6 Billion mark up 47% over 2004.
These impressive figures were released in an economic briefing session held today by Mayor Dave Bronconnier, Heather Douglas, President and CEO of the Calgary Chamber of Commerce and Bruce Graham, President and CEO of Calgary Economic Development.
Mayor Bronconnier noted Calgarys economy exceeded all expectations we are the economic heart of Alberta, and a growing force in the national economy.
According to Bruce Graham of Calgary Economic Development the Citys economic fundamentals are very healthy, with growth driven by a variety of sectors. Graham commented, Calgary has been leading the nation in GDP and employment growth for the last 10 years and we expect will continue to lead the country for the next five. High commodity prices have brought renewed attention to Calgary as an energy centre, but growth has also been very strong in construction, logistics and business and financial services.
Heather Douglas from the Calgary Chamber of Commerce stated Calgarys business community is bullish and optimistic. Ms. Douglas stated, This unprecedented growth impacts all sectors, contributes to Calgarys further diversification and positions this city as an economic powerhouse within the global economy. Calgary is the most dynamic city on this continent with a projected growth rate of seven percent in 2006 and on-going robust growth through 2010.
The presenters discussed some of the challenges associated with strong growth, and strategies for addressing them. Bronconnier pointed out that over the last decade Calgarys population has increased, on average, by more than 20,000 people per year, and that municipal funding is strained to keep up with the demand for infrastructure and services.
He stated, The majority of municipal services are funded from one-half of the property tax base the other half goes to the Province. That regime is not sustainable. We need the other orders of government to recognize the need to invest in Calgarys prosperity for the good of the province and the country. Bronconnier pointed to the Provincial government vacating property taxes and revenue sharing with other governments as the means to achieve municipal sustainability.
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Media Inquiries, please contact:
Marc Henry, Chief of Staff
Office of the Mayor
(403) 268-8125 (office)
(403) 862-2027 (cell)
(Blackberry)
Melissa Homenuik, Communications Manager
Calgary Chamber of Commerce
(403) 750-0424 (office)
(403) 815-3650 (cell)
Luiza Zorrilla, Director of Marketing and Communications
Calgary Economic Development
(403) 221-7869 (office)
(403) 880-7040 (cell)
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