Tariff Turbulence Spotlights Alberta’s Economic Structure
- Clearview Insider
- 3 days ago
- 1 min read
A new report from National Bank Financial shows that while every Canadian province posted GDP gains in 2024, only four managed growth on a per capita basis. Alberta stands out for both strength and risk — leading in economic momentum but also topping the charts in sector concentration.
With 53% of Alberta’s GDP tied to energy and mining, the province may be shielded from the worst of U.S. tariffs, but higher economic volatility is a real concern. By contrast, provinces like Quebec and Manitoba show more diversification and thus, more stable exposure across sectors.
For Calgary’s CRE market, this means developers and lenders must remain vigilant. Tariff impacts on materials, sector exposure, and economic concentration are now key underwriting inputs. If Alberta continues to benefit from energy trade carveouts, its market could remain resilient — but overdependence brings its own risks.
Reference: National Bank Financial, “Traversing Tariff Turbulence: A Provincial View on Economic Composition,” May 2025. https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/mkt-view/market_view_250501.pdf
Connect with ClearView: Want to explore how Alberta’s unique economic structure affects construction costs, lease rates, or lending conditions? Contact us at info@cvpartners.ca — we’re here to help assess risk and spot opportunity.