A new report by the Conference Board of Canada forecasts strong growth post wildfire.
Since 2015 Fort McMurray there has been a reduced amount of economic activity due to the drop in oil prices and a significant decline in 2016 because of the Horse River Wildfire.
RMWB releases Conference Board of Canada wildfire economic impact assessment and five-year regional outlook: https://t.co/I8Rc0ci4Ii #RMWB pic.twitter.com/oq4gvLi5jb
— rmwoodbuffalo (@RMWoodBuffalo) September 19, 2017
With the rebuild underway and oil prices slowly rising, the Conference Board of Canada outlined in their report that GDP is expected to rise by more than 20 per cent over 2017 and 2018.
It’s estimated that $5.4 billion to be spent in the RMWB as structures are rebuilt, household items replaced and businesses restock inventory.
Over five years the conference board is predicting that the regional economy will produce about 11,300 new job, cutting the unemployment rate from 8.8 per cent in 2016 to 4.1 per cent.
By 2021, the economic impact associated with the wildfire is expected to have dissipated.
“We are strongly encouraged by the findings in this report, which suggest that the economic impacts associated with the wildfire are expected to have dissipated by 2021,” said Amanda Haitas, Manager, Wood Buffalo Economic Development. “Our region is resilient and already showing signs of growth, which are reflected in this report.”
Growth in the Wood Buffalo Region’s economy will outpace that of Calgary, Edmonton, and Red Deer through 2017 and 2018.
The RMWB commissioned the study with funding from the Government of Alberta to better understand the region’s economic outlook.
