A Thriving Calgary Means a Resilient Alberta

As the battleground in the upcoming provincial election, Calgarians hold a significant share of the province’s voting power – and as the headliner for Alberta’s reputation, Calgary is deserving of significant attention and investment. There are several challenges – and opportunities – facing businesses that must be addressed to ensure the long-term economic success of Alberta businesses: 55.1 per cent of Calgary based businesses are concerned with rising costs – up from 43.4 per cent last quarter and well above the national average. However, while, Calgary businesses are increasingly wor- ried about rising inflation, costs of inputs, insurance and transportation, on average, we’re more optimistic about the future – a testament to the fact that Alberta remains a place of opportunity and innovation.

To support and advocate on behalf of Calgary’s business community, the Calgary Chamber developed ACCELERATE: Driving Alberta Forward, a roadmap that identifies the roadblocks – and a solutions-oriented path forward – to advance Alberta’s economic strength and resilience in the next four years and beyond.

The platform highlights five key areas for the next provincial government to focus on including fiscal responsibility, affordability and rising costs, economic diversification and competitiveness, talent and labour and strategic infrastructure investments. These areas were developed in partnership with Calgary’s business community.

Fiscal Responsibility

As strategic investments are made and rising cost concerns settle, the Calgary Chamber recommends the next government increase savings over time, using the funds to promote the province’s economic success both today and tomorrow. Specifically, we recommend that the surplus is allocated for one-time strategic infrastructure projects, debt repayment and savings – rather than operating expenditure.

Affordability And Rising Costs

Businesses continue to feel the pinch of rising costs including inflation, more expensive inputs and interest rates. To mitigate inflationary pressures, the Calgary Chamber recommends the next government does not increase the current corporate tax rate of eight per cent, eliminates the small business tax and includes small businesses in government-supported affordability relief.

Economic Diversification And Competitiveness

With few Calgary businesses planning to adopt new technologies in the coming year, government investments in technology adoption and emerging industries are critical to our economic success. An alarming 73.0 per cent of Calgary businesses – across all sectors and sizes – do not see themselves adopting or implementing any technology in the next year. We call on the next provincial government to support businesses in adopting technology through the creation of local pilot programs. As an entrepreneurial city more broadly, we also call for governments to help reduce red tape, de-risk innovation in traditional and non-traditional sectors, advance our critical mineral strategy and enhance supply chain infrastructure. As we diversify our economy, we see significant opportunity in hydrogen and carbon capture technology, as well as tourism, agriculture, the tech sector and the arts.

Talent And Labour

The ongoing labour shortage remains a challenge for businesses, with 81.0 per cent of businesses anticipating recruiting or retaining skilled employees will impact their business in the next three months. To mitigate the labour shortage, the Calgary Chamber recommends the next provincial government leverage existing immigration systems and facilitate credential recognition for newcomers to move and apply their skills with ease, invest in upskilling and reskilling programs to ensure our talent reflects current skills gaps, and create an inclusive workforce that promotes the participation of underrepresented groups. To support the development of a strong and sustainable talent pipeline, the government must improve the accessibility, affordability and quality of childcare in Alberta, ensuring child care providers can stay competitive and parents can afford child care.

Strategic Infrastructure Investments

Investments in strategic infrastructure are critical to retaining talent, attracting capital and remaining competitive. Efficient supply chains are needed to ensure long-term economic growth. In the past three months, 41.4 per cent of Calgary businesses found supply chains have worsened, with 95.5 per cent of businesses finding increased costs to be a major factor. The Calgary Chamber recommends the next government enhance transportation and supply chain infrastructure, including rail and aviation, invest in Calgary’s downtown core to promote community vibrancy and collaborate with all levels of government to reduce internal trade barriers. We encourage the government to focus on projects like public transit, sport and arts facilities, and safety supports.

Despite the headwinds, 62.5 per cent of businesses are optimistic about their future. Alberta remains a place of opportunity for businesses and the people who power them. The next government must work with the business community to ensure our advantages attract the talent and capital we need and so Alberta remains the most competitive place to do business.