- In 2017, Alberta produced 81 per cent of Canada’s crude oil and 68 per cent of its natural gas.
- Alberta has the third largest petroleum reserves in the world, after Venezuela and Saudi Arabia.
- The Alberta Energy Regulator forecasts that production of upgraded and non-upgraded bitumen from oil sands will increase by 36 per cent to 3.9 million barrels per day by 2027, up from 2.8 million barrels per day in 2017.
- In 2017, gross revenues from all hydrocarbons were $73 billion, with revenues of synthetic crude oil and bitumen from the oil sands accounting for 65.1 per cent of the total.
- In 2018, energy resource exports totaled $81 billion, accounting for two-thirds of Alberta’s total commodity exports that year.
A Diversified and Resource-based Economy Environment
- Alberta is implementing a world-class, integrated and science-based environmental monitoring system to deliver comprehensive and transparent monitoring for air, land, water and biodiversity across the province, starting in the oil sands region.
- The Alberta government has committed $1.3 billion to commercial-scale carbon capture and storage projects. Our $1.3 billion funds is one of the largest commitments to this technology in the world…from a province of just over four million people.
- The Government of Alberta has set a firm renewable energy target to ensure 30 percent of electricity used in Alberta will come from renewable sources, such as wind, hydro and solar by 2030 in order to protect the province’s health, environment and economy.
A Diversified and Resource-based Economy Agriculture
- Alberta has one of the world’s most productive agricultural economies, with a total farm area of 50.3 million acres or 20.3 million hectares.
- In 2017, farm cash receipts for Alberta totaled $14.1 billion, representing 23 percent of Canada’s primary agricultural production. The province posted the highest cattle receipts as well as the second highest total crop receipts in the country.
- Alberta has an expanding value-added agricultural products sector. In 2018, sales of Alberta’s processed food and beverage industry were $14.9 billion making it Alberta’s second largest manufacturing industry on a revenue basis. Meat product manufacturing accounts for more than one-half of the sector’s sales.
- The addition of 2,350-square-metres of business incubation and development space makes Alberta’s Food Processing Development Centre and Agrivalue Processing Business Incubator the largest of its kind in the world.
A Diversified and Resource-based Economy Forestry
- In 2018, shipments of forest products reached a record $6.6 billion, and exports were $4.1 billion. Forest products include pulp, paper and wood products such as lumber and oriented strand board.
- Fifty-eight percent or 38 million hectares of Alberta is forested. Of the forested area, about 60 percent or 22.5 million hectares are considered suitable for harvest.
- Alberta’s commercially productive timberland base of 26.1 million hectares covers 40 percent of Alberta’s total area and includes in excess of 2.2 billion cubic meters (m 3 ) of growing stock.
- Annually, Alberta allows 32.1 million m 3 to be harvested, of which 19.2 million m 3 is coniferous, and 12.9 million m 3 is deciduous.
A Diversified and Resource-based Economy Manufacturing
- Because of the recession real output (GDP) of Alberta’s manufacturing sector increased by only five percent between 2012 and 2017.
- The manufacturing sector has emerged from this recession and sales rose 7.7 percent in 2018 to $76.4 billion, after a 13.4 percent jump in 2017.
- The largest manufacturing sub-sectors on a GDP basis are refined petroleum products, food and beverage products, and chemical products.
- About one-fifth of manufacturing output consists of value-added industrial products such as fabricated metals, machinery, and electronics.
A Diversified and Resource-based Economy Advanced Technology Industries
- Alberta’s key advanced technology sectors include clean technology, information and communications technology (ICT), life sciences and nanotechnology.
- The Alberta government, through Alberta Innovates, is committed to working with industry to support new technology development, increase commercialization and develop new markets and opportunities.
- Alberta’s ICT industry includes about 4,600 companies and 40,000 employees generating about $15 billion in annual revenues in 2016 making ICT one of Alberta’s key sectors.
- Alberta is home to more than 200 life sciences companies, employing about 4,600 workers.
- The University of Alberta is home to the National Institute for Nanotechnology.
A Diversified and Resource-based Economy Financial Services
- Over the past 10 years, Alberta’s financial services sector has experienced exceptional growth fuelled by high levels of capital investment in Alberta’s energy sector. Even during the 2015/2016 recession, Alberta’s financial services sector continued to grow.
- This sector includes six major Canadian banks and is also home to the headquarters of a number of regional financial institutions including Canadian Western Bank, Servus Credit Union, ATB Financial, and Alberta Investment Management Corporation (AIMCO) as well as branches of 75 percent of the top 20 global investment banks.
- Alberta has developed world-class expertise in niche sectors in financial services such as asset management and energy finance.
- Between 2007 and 2017, Alberta’s financial services sector GDP rose 40 percent, outpacing financial services sector GDP growth in all other provinces. By comparison, GDP in Canada’s financial services sector rose 26 percent over the same period.
A Diversified and Resource-based Economy Tourism
- Tourism in Alberta is a significant economic driver. It supports more than 127,000 jobs across Alberta and generated approximately $8.5 billion in tourism expenditures in 2016. Forty-six percent of these expenditures, about $3.9 billion, came from out-of-province and international visitors.
- The Calgary and area and Alberta Central tourism regions received the most domestic overnight visitors in 2016, each accounting for 23 percent of all domestic person-nights spent in the province. The Edmonton and area and Canadian Rockies tourism regions followed, accounting for 21 percent and 14 percent respectively.
- Alberta offers its residents and visitors exceptional tourism experiences and adventures. We have world-renowned attractions, vibrant cities, and the most diverse and scenic landscapes in North America. Alberta has five UNESCO World Heritage Sites, more than 480 provincial parks, 18 provincial historic sites, and five national parks.
Alberta Incorporation & Business Registration Services
Business Corporations are incorporated in Alberta, according to the provisions of the Alberta Business Corporation Act with the Alberta Corporations Division. Company Formations Canada provides fast and easy Alberta Incorporation Service and provides all the documents your new Alberta corporation will need to stay up-to-date and in compliance with the Alberta Business Corporation Act.