Isn’t Edmonton over-dependent on the energy sector? What happens to all the jobs when oil prices are down?
Greater Edmonton’s success in the energy sector has spun off into new areas of prosperity including technology, clean energy, manufacturing, production, and transportation.
Edmonton today has one of Canada’s most diverse economies, including a considerable number of knowledge-based industries. The University of Alberta is one of the top-funded research universities in Canada, attracting top researchers and spurring development and commercialization of sophisticated new products.
Edmonton’s Northern Alberta Clinical Trials & Research Centre provides pharmaceutical and research companies with state-of-the-art facilities and a large population base for clinical trials and research projects. TEC Edmonton and Edmonton Research Park make this city a hub for technology commercialization.
Edmonton is home to the National Institute for Nanotechnology. Edmonton has the second-largest number of financial institutions headquartered west of Toronto. The forestry and wood-products industry alone adds $1 billion to Edmonton’s economy every year.
These are just a few highlights of the depth and diversity of the Edmonton region’s economic strength. Certainly, growth in Greater Edmonton slows when petroleum prices are down, but the economic fundamentals here are strong.
