Five years of local growth seen

[Bill Mah – Journal Business Writer – Edmonton]

After shrinking for the first time since 1991 last year, Edmonton’s economy will snap back in 2010 by growing 3.2 per cent, says a new national forcast released Wednesday.

While the mid-decade boom is clearly over, the Conference Board of Canada’s Metropolitan Outlook says the Edmonton region’s gross domestic product will grow an average of just over four per cent annually between 2011 and 2014.

Last year, Edmonton’s GDP fell an estimated two per cent – biggest drop on record.

Edmonton’s recovery puts it in a four-city tie behind front-runners Vancouver, Toronto and Kitchener, which will grow economically by 4.5, 3.5 and 3.3 per cent, respectively.

Calgary’s GDP is expected to rebound from its first recession since 1989 with three-per-cent growth and strong gains in the goods sector, retail sales and services.