Agreed. Calgary has been diversifying, slowly but surely. The most recent downturn from 2015 to 2019 was a harsh one, but it was probably the best thing that could’ve happened to Calgary. Other businesses have risen to fill up the gap, re-employing skilled labour who were previously laid off from oil and gas. The last few years I’ve seen probably the biggest push for diversification ever.
Here are some numbers.
Employees in Oil and Gas directly or indirectly
2001. 67,455 of 653,455 (10.3%)
2021. 60,450 of 825,635 (7.3%)
Where it’s at today might even be less. The labour force has increased by over 150,000 but oil and gas companies have not been hiring.
April 2024 ?,? of 977,300
We can see it hasn’t dropped dramatically, but it has dropped a fair bit, and without having the numbers handy, I would say most, if not all of that drop is post 2015 onwards as tens of thousands were laid off during that seven year downturn.
The fact that Calgary oil and gas industry went through its worst downturn in decades, and Calgary still grew by healthy numbers, tells the story that diversification is happening. Still got a ways to go, and there are still people in the city who don’t seem to realize that this is the way the future, but most people seem to have accepted it and that’s the direction things are going.
There are other jobs that support both oil and gas and non-oil and gas, and they aren’t in those numbers, for example, a catering company that caters to anybody. There isn’t a good way to find those numbers, but we can see the trend of diversification is coming on strong.
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Originally Posted by ssiguy
Calgary is more diversified than I think most here believe. Yes, O&G is a big player in Calgary but less so gov't in Ottawa which is been on a hiring spree in the last 8 years while Calgary has downsized it's O&G sector and broadened it's economic base.
Alberta's solid financial standing, low taxes, high wages, relatively affordable lifestyle, and, in Calgary's case, very high quality of life and access to the Rockies ensures Calgary's long-term growth.
Alberta is often associated {sometimes unfairly} to Texas and Texas is also a state that got it's economic foundation from oil yet it is the fastest growing state in the US for much the same reason Alberta is in Canada..............it offers a future for young people that California and BC no longer do.
Calgary will be the long-term beneficiary of this reality as, except in the arts, Calgary has Edmonton beat in nearly metric.
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