A message from the team at ATB Economics:
According to Travel Alberta, visitors to the province from elsewhere in Canada or other countries spent $5.9 billion in Alberta in 2023. Albertans travelling within the province spent an additional $6.8 billion.
The combined total of $12.7 billion in spending set a new record and represents a 19% increase compared to 2022 — a dramatic turnaround from the COVID lows.
Economist Rob Roach shared a few other observations on tourism and its role in the Alberta economy on a recent panel at the Tourism Industry Association of Alberta's Economic Forum and Premier's Dinner in Edmonton.
He noted that tourism is a significant growth area and source of diversification for Alberta's economy. It acts as a "tipping point" industry, potentially transforming struggling businesses into thriving ones.
For instance, a restaurant in downtown Edmonton benefits from both local customers and visitors attending events like the Fringe Festival. By the same token, Alberta's vibrant economy supports local amenities, enhancing the tourism sector's growth potential.
However, Alberta faces intense competition from other regions, and given that tourism contributes about 2% to Alberta's GDP, it can only support so much economic diversification. The sector must also keep up with technological advancements and address workforce challenges, he said.
Learn more about this and other economic matters in this edition of The Seven.
For more number-crunching on Alberta's economy, visit The Twenty-Four Seven by ATB
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