No longer a one-trick pony, perception of oil-town Calgary is changing yyc yycbiz
Calgary has attracted record venture capital investment in each of the past five years and continues to bring in investment despite other markets slowing down., green energy and other sectors.
Still, the energy sector remains the main driver — oil and gas extraction accounts for about 25 per cent of Alberta’s entire economy.Rob Roach, chief economist for ATB, said diversification has been a decades-long process and still has a ways to go to match energy or account for a significant portion of the economy.
“It’s happening, but you’re chipping away at a very large slice of the pie,” he said. “What we really want is to add to the pie and hope that our oil and gas sector can continue — which it looks like it will — to be very strong.”Article contentThis is evident in projections of an expected recession in Canada through the first two quarters of 2023.
“People are much more focused on what’s going on in their own backyard,” said the Montreal-based economist. “I think there are long-standing perceptions of Alberta being energy driven. . . . So I think there’s an exciting opportunity to tell the story about how it’s evolving.”
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