DIVERSIFICATION AND INNOVATION KEY TO NAVIGATING ECONOMIC TURBULENCE FOR CALGARY IN 2026

CALGARY, AB, Nov. 19, 2025 /CNW/ - As Calgary faces a complex economic landscape shaped by persistent global trade tensions, geopolitical volatility and evolving domestic policy, diversification and innovation will be key to maintaining future growth, experts shared at Calgary Economic Development's 2026 Economic Outlook event, powered by ATB Financial.

Calgary's unemployment rate currently sits at 7.9 per cent, higher than the national average of 6.9 per cent, and youth unemployment remains the second highest in the country, according to Statistics Canada. Despite these challenges, Calgary maintains the highest labour market participation and employment rates in the country, leading the country in employment growth over the last year.

Looking ahead, the City of Calgary's Economic Outlook projects that the unemployment rate will hover around 7 per cent in 2026 as ongoing uncertainty weighs on the labour market. 

Meanwhile, Calgary's economy is forecast to expand by 2.4 per cent next year, higher than the projected national rate of 1.3 per cent real GDP growth.

"Calgary is the place to be. As we approach two million residents, we're meeting 2026's economic challenges with investments in safety, infrastructure, and a resilient, diversified economy: all grounded in fiscal discipline to keep opportunity growing," said Calgary Mayor Jeromy Farkas.

To help navigate the economic uncertainty in 2026, Calgary Economic Development (CED) is advancing targeted programs to support local companies diversify trade relationships. The organization is expanding its trade services programming with market-specific supports to help local companies take advantage of international agreements and diversify beyond the U.S. to markets within Europe, Asia and the United Arab Emirates.

"Calgary's economy remains resilient, but we cannot afford complacency heading into next year," said Brad Parry, President and CEO, Calgary Economic Development.

"Given the current climate, we must stay focused on market diversification, building capacity within our local innovation landscape and giving Calgary businesses the tools to grow, hire and compete globally to position our community for long-term prosperity."

Calgary Economic Development is also focusing on creating conditions that help companies scale and encourage risk-taking. Through additional investments in alignment with Calgary's Innovation Strategy, the city is expected to cement sector-specific innovation nodes and funding networks that help companies launch, collaborate and scale ventures in the city. Successful implementation of Calgary's Innovation Strategy is projected to add up to 187,000 jobs and contribute over $28 billion to the local economy by 2034.

At the provincial level, Alberta's economy continues to weather the trade storm better than other Canadian provinces with persistent in-migration, home construction and improved Asian market access for energy, leading ATB Financial to outline a cautious but resilient outlook for the year ahead. However, an escalation in trade tensions, including the removal of current CUSMA exemptions, and further drop in oil prices pose downside risks to the outlooks.

Conversely, a longer-term trade deal with the U.S. and the ability to execute on projects that boost investment and expand market access for energy products while further diversifying into petrochemicals, aviation, food manufacturing, film, tourism and tech could lead to stronger growth.

"The province's economy remains relatively resilient, but to ensure sustained long-term prosperity, we must continue to leverage our existing strengths in energy and agri-food while scaling up our emerging sectors like tech and aviation," said Mark Parsons, Vice President and Chief Economist, ATB Financial.

Other speakers include Andrew Coyne, Nationally Syndicated Political Journalist, The Globe and Mail; Navin Arora, Calgary Economic Development Board Chair; and Chris Turchansky, Group Head, ATB Business and Wealth at ATB Financial.

ABOUT CALGARY ECONOMIC DEVELOPMENT

Calgary Economic Development is an opportunity-maker, helping to spark and fuel Calgary's growth. Our job is to connect people with resources that can help them grow their careers or businesses, thrive in new locations or markets and feel at home in our community. We steward the economic strategy, Uplook: An Action Plan for Our Economy with the mandate to position Calgary for long-term economic success by supporting the expansion, retention and acquisition of companies, capital and talent. We offer a wealth of information to help everyone succeed and we tirelessly promote Calgary, in Canada and around the world. For more information, visit www.calgaryeconomicdevelopment.com and follow us on LinkedIn.

FOR MORE INFORMATION CONTACT:

Calgary Economic Development
Grace Fullerton
Manager, Communications
Media Line: 403 880 7040 | Email: [email protected]

SOURCE Calgary Economic Development Ltd.