CALGARY — As Calgary faces a reportedly 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 the Calgary Economic Development’s 2026 Economic Outlook event on Nov. 19.Calgary’s unemployment rate reportedly 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.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 reportedly 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) says it plans to advance targeted programs to support local companies and diversify trade relationships 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.”Per a Nov. 19 press release, Calgary Economic Development is focusing on creating conditions that help companies scale. Through additional investments in alignment with Calgary’s Innovation Strategy, the city is expected to cement innovation and funding networks that help companies launch, collaborate and scale ventures in the city.Also discussed was Alberta’s economy, which reportedly continues to weather the trade storm better than other Canadian provinces with persistent in-migration, home construction and improved Asian market access for energy. 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. 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. (ICE TORONTO)

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