The diversification within the Alberta economy of recent years is helping to cushion the impact otherwise felt from lower oil prices, a senior provincial official has told an APEGGA Edmonton District meeting.

Speaking to the luncheon on March 16, Duane Pyear, executive director of policy and business information, with the Strategic Resources Division of Alberta Economic Development, noted that as recently as 1985, the energy accounted for 37.2 per cent of economic activity versus 6.3 per cent for manufacturing. By 1997, the figure for energy was 21.4 per cent and 10.1 per cent for manufacturing.

Since 1993, Alberta has seen the creation of 227,000 new jobs and a sizeable net flow of population which should lead to the province's total population surpassing 3 million this year.

Factors which lend strength to the Alberta economy and contribute to the Alberta Advantage include:

• a skilled and productive workforce;

• a strong science and technology culture;

• a competitive business climate;

• low overall tax levels compared with other provinces;

• cultural diversity; and

• fiscal responsibility.

The dip in oil prices will have an impact on the pace of economic activity by possibly extending some of these projects over a longer period.  Some $46 billion worth of planned projects have been identified for Alberta (based on a tally of announced projects valued in excess of $2 million).   Most are schedule for the next five years, and some $32 billion worth are slated for areas around Edmonton and north.