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By rdnewsNOW Staff

HEALTHY SMALL BUSINESS SECTOR

Business booming in Alberta, province says

Oct 29, 2024 | 4:54 PM

The Government of Alberta says the province is attracting more and more new business, with an average of 1,945 more active business from January-July when compared to the same period last year.

This marked an increase of 1.6 per cent while Canada’s average was 0.6 per cent.

“Alberta is the economic engine of Canada and thanks to the strength of our business community, we are further diversifying our economy with strong, business-friendly policies that attract job-creating investment and sustain the Alberta Advantage that we are known for,” said Minister of Jobs, Economy and Trade Matt Jones.

Making up 95 per cent of businesses in the province, Alberta’s small businesses employ almost 35 per cent of its private sector workforce and contribute 27 per cent of the province’s GDP.

“Small businesses are the heartbeat of Alberta, driving innovation and community spirit,” said Tany Yao, parliamentary secretary for Small Business and Northern Development. “We are proud to see such positive growth in our small business community in Q3.”

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The province also saw a notable increase in the number of active businesses in tourism, transportation, travel services, recreation and entertainment, and food and beverage services. Overall, tourism businesses increased by 3.2 per cent in the first seven months of 2024, which officials say was the second-highest increase in Canada.

“Alberta has the fastest-growing economy in the country right now, with more new businesses starting, and productivity levels significantly higher than the national average,” commented president of the Business Council of Alberta Adam Legge. “Higher productivity means higher paycheques and better living standards for Albertans. Maintaining and increasing the focus on economic growth and productivity, as well as energizing our key industries, will be critical to ensuring a bright economic future for our province.”

Alberta also reports saving business more than $2.75 billion through red tape reduction and business minded policies since 2019.