A message from Rob Roach at ATB Economics:
It may seem like a lifetime ago given all the tariff talk, but we just got the final month of data on restaurant and bar sales in 2024.
It was not a strong finish for the sector in Alberta. After falling by 0.8% in November, sales in the province were flat in December despite the federal GST tax break that began halfway through the month.
Compared to December 2023, sales were only 0.2% higher — the smallest increase of any province.
The trend was somewhat stronger at the national level with sales rising in each of the last five months of the year.
Compared to the previous December, national sales were 3.6% higher.
Stepping back from the monthly data to look at the annual picture, sales in Alberta increased by 3.1% in 2024 to $12.4 billion. The slower growth, however, did come after a 12.1% jump in annual sales in 2023.
Taking into account population growth (as of July 1), sales per Albertan were down in 2024 by about 1.2% while national sales per capita posted growth of 0.9%.
It is important to note that per capita restaurant and bar sales in Alberta were the second highest of any province last year at $2,536. British Columbia had the highest per capita sales in 2024 at $2,941.
Learn more in this edition of The Twenty-Four.
For more number-crunching on Alberta's economy, visit The Twenty-Four Seven by ATB.