The Government of Alberta has released a 29 (!) year projection on where they expect the provincial population to be in 2046. That could be an interesting time in the history of mankind, as futurist Ray Kurzweil predicts we’ll have singularity (the point at which technology becomes smarter than humans) in 2045.
Notwithstanding the follies of making predictions 3 decades in advance, the government is projecting the we’ll add 2.1 million people over the next 29 years, which will bring the total population to 6.4 million. While it seems staggering, this is based on an average annual growth of 1.4%. Also, Alberta had roughly 2.45 million people 29 years ago (1989), so with population currently around 4.3 million, it represents an average growth of 1.94%. In 1951 there were approximately 950,000 people in Alberta, which is a 2.33% average annual growth rate. So while envisioning 6.4 million people in Alberta might seem far-fetched, it is actually based on a lower growth rate than we’ve seen averaged over the past 66 years.
According to the report, growth is expected to be concentrated in the Edmonton‑Calgary Corridor. By 2046, 4 out of 5 Albertans are projected to be living in Edmonton, Calgary and Red Deer (it was 76% in 2017).
So how much does all of this data mean? Well, if all goes according to plan we’ll need considerably more housing and commercial inventory to accommodate the residents and workers. There will be more demand on infrastructure and more services needed. Also, we’ll have a computer smarter than we are (admittedly a low bar to climb over in the first place) writing our blogs. Oh the possibilities of what’s in store!
Government of Alberta
Chad is a partner with NAI Commercial and has finished as a top 15 producer Canada-wide for the past three years. Chad owes his success largely to his commitment to uncompromising client representation, his active involvement in the real estate and business communities and a lifelong pursuit of continuous learning.
Ryan is a partner with NAI Commercial Real Estate in Edmonton. He is currently ranked nationally as one of NAI’s top advisors in Canada. Having completed his Bachelor of Commerce majoring in Finance, his eye for detail and great understanding of the numbers associated with any business decision makes him an asset to his clients while providing them the highest level of service.
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