The Alberta government said Budget 2024 will maintain the Alberta Advantage so businesses and industry can continue to innovate, thrive, and create jobs. “Budget 2024 reaffirms our commitment to diversify, attract new investment and provide more jobs that keep Alberta’s engine humming,” said Alberta Treasury Board President and Finance Minister Nate Horner in a Thursday press release. “Strategic investments that support the growth of Alberta cities and promote apprenticeship programming and emission reduction technology will help create more opportunities to build an even stronger Alberta.” With Budget 2024, the Alberta government said the province will be put on a path of continued economic growth through funding that supports creating jobs, attracting investment and developing a skilled, diversified workforce. It added strategic spending will empower job creators and innovators to invest, grow and flourish. Alberta remains a key driver of Canada’s economic prosperity, accounting for 22% of all jobs created in the last year, despite having 12% of the population. Compared with other provinces, Alberta has the highest weekly earnings and lowest taxes, offering many incentives for people seeking a better life. To further build on these advantages, the Alberta government said Budget 2024 introduces the Alberta is Calling signing bonus — a $5,000 refundable tax credit aimed at attracting out-of-province workers in the skilled trades. It acknowledged $10 million will be provided to workers. Alberta Jobs, Economy and Trade Minister Matt Jones said the Alberta is Calling signing bonus “will support our government’s commitment to build a skilled and resilient labour force that helps businesses and the economy thrive.” “We will continue to foster the conditions for growth to ensure Alberta remains the best place to live, work, invest, do business and raise a family,” said Jones. Budget 2024 supports the sustainable growth of Alberta’s cities and communities. In addition to $724 million in municipal infrastructure funding through the Local Government Fiscal Framework in 2024/2025, Budget 2024 launches the new Local Growth and Sustainability Grant — an application-based program providing $60 million over three years to enable municipalities to fund infrastructure supporting economic development and addressing unique and emergent needs in their communities. Alberta Municipal Affairs Minister Ric McIver said the government was “pleased to see so many people choosing to move to Alberta to experience the advantages this province has to offer — thanks in part to the strong communities we are supporting through predictable, sustainable funding.” “We also recognize the pressure this growth can put on local communities,” said McIver.“The Local Growth and Sustainability Grant is part of our responsible plan to support a vibrant province and help communities respond to growth opportunities and acute sustainability challenges.”As Alberta’s economy continues to grow, so does the need to sustain a vibrant, robust workforce to meet employer needs. Budget 2024 addresses current and future potential labour shortages by expanding skills and knowledge in key areas.More than $100 million in new funding for apprenticeship programs will add 3,200 seats to meet growing demand at Alberta’s post-secondary institutions. Another $361 million will build and upgrade research and learning facilities in post-secondary institutions. The Alberta Petrochemical Incentives Program (APIP) is helping to turn the province into a top global producer of petrochemicals. In 2024, three projects are expected to receive APIP grant payments totalling $116 million, diversifying Alberta’s economy and creating jobs. Alberta will outpace all other provinces and territories in terms of real gross domestic product growth this year because of high energy prices and a surging population and buck a broader slowdown in the rest of Canada, according to a September report conducted by RBC. READ MORE: BACK IN THE SADDLE: Alberta expected to lead economic growth despite ‘headwinds’RBC Chief Economist Craig Wright said the Alberta Advantage is expected to grow by 2.2% in 2023 despite headwinds from higher interest rates that could lead to a mild recession in the rest of Canada. British Columbia was projected to be last and Saskatchewan would not be as lucky, with growth rates of 0.5% and 0.8%. However, Saskatchewan was expected to start leading in 2024.
