Alberta will continue to lead in job creation over the next decade, with major new oil sands projects projected to drive job growth into 2023. Canadian crude oil production is expected to increase from 3.5 million barrels per day to 6.4 million barrels per day by 2030. As a manufacturing base for major oil companies, Edmonton will continue to see job creation in the energy services, manufacturing, and transportation sectors. In fact, Edmonton's manufacturing sector is projected to grow an average of 4.3% per year through 2016.
Oil and gas projects currently underway in the city include the Edmonton Energy and Technology Park, a 4,865 hectare eco-industrial park on the northwest side of Manning Dr that is expected to produce $184 billion a year in revenue when it is completed, and will create hundreds of job opportunities. Edmonton is also just minutes fro Nisku Business Park, the 2nd largest Industrial Park in North America and 45km from a $5,7 billion Bitumen Upgrader (North West Redwater Parnership). NWR broke ground on the project i the spring of 2014 and expects to employ over 8,000 people during peak construction. THe facility is expected to be operational in 2016. While not located in Edmonton, the project will provide jobs for Edmonton residents, which will in turn stimulate the city's economy.
While oil will continue to be an economic driver, the City of Edmonton is home to other industries that provide the city with economic growth and stability. One sector that stands to see substantial growth is the Information and Communications Technologies (ICT) sector. According to the Alberta ICT Industry Association, there are over 5,500 ICT companies in Alberta, producing over $10 billion in annual revenues. Of those, 33-40% are located in the City of Edmonton and the surrounding region. Edmonton already has its share of self-made ICT multi-millionaires, and experts believe this industry is just coming out of the starting gate. The majority of job seekers in the ICT field are young, and the City of Edmonton will certainly prove able to meet the needs of these Generation Y-ers with the city's low cost of living and excellent transportation links.
Another project on the books that has the potential to significantly impact the city's economy and revitalize downtown Edmonton is the Edmonton Arena. The $604.5 million project includes the arena, a Winter Garden, a community skating rink, connections to Edmonton's LRT, and a pedestrian corridor. Construction began in March 2014 and will be competed in the fall of 2016. The arena is expected to be a catalyst for change in downtown Edmonton, transforming the area into a major retail and entertainment district for the city. This region will also benefit from the newly constructed Metro Line, which will open to the public at the end of 2014. One has only to look at the major projects that will be completed in the next couple of years to see the potential this area holds for investors.
Edmonton remains near the top of all lists of best places in which to invest, weather you are talking provincial, national or world-wide. The region enjoys exceptional economic growth, one of the most diversified economies in Canada, and creates hundreds of job opportunities every year, making it one of the best places in which to work and live in the country.