At 8.6%, Calgary’s unemployment rate is among the highest in Canada’s larger cities. Up 0.7% and the highest it’s been in 22 years, from July 2015 to 2016, 104,000 full time jobs have been lost in Alberta not counting contractors and consultants.
Food bank usage is up with first time users up by 60,000 and food hamper distribution up almost 10,000.
Personal insolvencies are up 37% from last year and it’s not just restricted to oilfield workers.
When people are out of work, they stop buying extras which leaves businesses with no choice but to close because they’re not making any profit.
Oil prices are low but unfriendly business policies brought in by the NDP have driven investors away, causing more job losses which then get passed on to businesses
Calgary will see at least 7,100 business closures this year. Last year’s total was 5,865 but in just the first seven months of this year, 4,114 businesses have closed their doors.
We haven’t seen the worst yet since every policy the government has implemented hits businesses.
The NDP drove investments away by increasing corporate taxes in a recession, they increased property taxes forcing some businesses to close their doors, they implemented a minimum wage hike on already strapped businesses and now with the looming carbon tax, the worst is yet to come.