A message from Rob Roach at ATB Economics:
Using annual data released by Statistics Canada, it turns out that Edmonton and Calgary have a lot in common when it comes to their labour, but with a few key differences.
Edmonton has a slight edge over Calgary in terms of its annual unemployment rate, which came in at 7.4% last year compared to 7.6% in Calgary. Tied at 6.1% in 2023, the unemployment rate was higher than the year before in both cities. The increase was driven by population and labour force growth outpacing job growth.
Edmonton also had a slight edge over Calgary with regard to growth in the population aged 15 and over, where it rose by 5.6% versus 5.3% in Calgary. (These are estimates from the Labour Force Survey based on annual averages.) Calgary's population growth, however, contributed to a larger increase in the city's labour force (i.e., residents with a job or looking for one), up 6.1% versus a more modest rise of 3.0% in Edmonton.
As a result, Calgary's participation rate (the portion of the population aged 15 and over that is working or looking for work) increased from 71.0% in 2023 to 71.5% last year while it went the other direction in Edmonton, falling from 70.2% in 2023 to 68.5% last year.
The number of jobs also increased more in Calgary, rising 4.4% compared to 1.5% in the provincial capital and 1.8% nationally last year. The cities swapped roles as "job creation hot spots" in 2024, after Edmonton led the charge in 2023 with 5.1% employment growth (vs. 2.9% in Calgary). Since 2019 (pre-pandemic), the cities are in comparable spots with annual employment 11.8% higher in Calgary and 10.7% higher in Edmonton.
Learn more in this edition of The Twenty-Four.
For more number-crunching on Alberta's economy, visit The Twenty-Four Seven by ATB.