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Wednesday, September 2, 2020

Weekly Economic Review - August 28, 2020


Weekly newsletter containing economic commentary, analysis and statistics examining Alberta’s economy, labour market, price indices, household sector and business sector.

Weekly Economic Review - August 28, 2020
Alberta Economy - Indicators at a glance - August 28, 2020

The 2019-20 Annual Report/2020-21 First Quarter Fiscal Update

The 2019-20 Annual Report and 2020-21 First Quarter Fiscal Update and Economic Statement show the toll both challenges have taken on the province. The province now sits on a debt burden of $99.6 billion, or $22,400 per Albertan. All the while Albertans have experienced losses of more than 170,000 jobs and a 13 per cent unemployment rate.

The first-quarter projections show a significant increase to the deficit reaching $24.2 billion – $16.8 billion higher than estimated in Budget 2020. Almost 70 per cent of this increase is due to a sharp decline in revenue with non-renewable resource revenue down $3.9 billion. Total revenue is estimated to be $38.4 billion, down $11.5 billion, or 23 per cent from Budget 2020.  READ MORE...

“These numbers are incredibly sobering to all of us. If left unchecked, they predict a grim reality for Albertans. We are facing the most significant economic challenge of our generation. To deal with this challenge, our government is developing a path forward - a path of economic recovery that will see job creation, diversification and stability restored to Alberta’s finances.”

Travis Toews, President of Treasury Board and Minister of Finance

OHS eNews September 2020 Newsletter

Health and Safety Information for Employers and Workers

OHS E-News
Reminder: New Forms For Development Permits 
 
Starting September 1, the new forms can be found https://www.lethbridge.ca/Doing-Business/Documents-Forms/Pages/default.aspx or by calling a permit technician at 403-320-3920
 

City of Lethbridge 

Face Covering Bylaw: Guide for Business


 

Alberta's population projected to get larger and older

ATB Economics - The Owl

Despite slower growth over the short term due to the pandemic and low oil prices, a new set of population projections for Alberta prepared by Alberta Treasury Board and Finance estimate we will add about 2.0 million residents between now and 2046.

Annual growth will average 1.4 per cent with our total population rising to 6.3 million. Over half (54 per cent) of the increase will come from international immigration. READ MORE...

Business confidence in Alberta increased in August
ATB Economics - The Owl

Based on a survey of its members, the Canadian Federation of Independent Business (CFIB) produces an index of small business confidence based on a 12-month forward expectation for business performance called the Business Barometer.

As of August, the barometer reading for Alberta was 64.3, up from 58.1 in July and 55.7 in June. The index got as low as 26.2 in March.

Prior to the provincial recession of 2015-16, the index tended to be in the high 60s or low 70s.  READ MORE...
 

Latest in Mortgage News: OSFI Changes Rules for Mortgage Deferrals

Steve Huebl - Canadian Mortgage Trends
 

OSFI, Canada’s banking regulator, announced today it will start phasing out special regulatory capital treatment of deferrals given improving economic conditions.

The changes are effective immediately for mortgage payment deferrals granted by the Big 6 banks through to the end of September. Those deferrals will now only receive special capital treatment for up to three months as opposed to six. After September 30, any deferrals will be treated according to OSFI’s normal rules.

At the height of the pandemic and market volatility, the Office of the Superintendent of Financial Institutions announced special treatment for loan and insurance premium payment deferrals to be considered as “performing” as opposed to “non-performing.” A loan is considered non-performing when the borrower is late on making payments, typically by 90 days or more. Non-performing loans require the bank to set aside additional capital, or “provisions,” in the event of losses.   READ MORE...

The Lethbridge Region Economic Recovery Task Force

One Stop Shop for Business Advice

 
The Lethbridge Region Economic Recovery Task Force opened it's One Stop Shop for business recovery on Monday, August 31st. The shop is located at the University of Lethbridge Penny building in downtown Lethbridge.
 
Businesses can connect with volunteer advisers and discuss plans, options and concerns on a wide range of topics relating to their business recovery amidst COVID-19. Businesses are encouraged to fill out an intake and waiver form to begin the process.
Click here for tools, resources or to schedule a meeting with a business recovery advisor

JOB POSTING


How to Apply: Email your resume to office@genuinesiding.com 

Whether they're back to school or you're looking for an upgrade... 

BILD Lethbridge / CHBA Members

Save up to 30% on Lenovo products like laptops, tablets & more

 
Lenovo
 
Are the kids headed back to school, whether virtually or in person? Has that old laptop seen too many days on the job site or in the office? It might be time to upgrade your tech!

BILD Lethbridge / CHBA members (companies and employees) save up to 30% off the everyday public web price of Lenovo’s entire product line. Take advantage of amazing savings on everything for your office, home, or classroom. This includes laptops, tablets, desktops, all-in-ones, workstations, servers, and accessories.
 
As a BILD/CHBA member you also receive free ground shipping on all web orders, monthly limited-time special offers, access to energy-efficient green technologies, and award-winning service and support.
 
It's time to start saving
Want to learn more about the savings available, or order easily from the comfort of your home? Call 1-888-315-7408, ext. 7126. Or, visit: lenovo.com/ca/en/m1chba/
 
Check back at chba.ca/member-deals often for the latest special offers!
 
Am I eligible to take part in the savings?

Yes! As a member of  BILD Lethbridge Region, and hence a member at the provincial and national levels of CHBA, you have full access to all of CHBA National’s resources, including the CHBA National Advantages program. All of the people who work in your company are, too!

BILD Lethbridge contributed to BILD Alberta’s Red Tape Reduction Recommendations report given to the  Associate Minister of Red Tape Reduction Grant Hunter. We put housing on the government’s agenda with this important policy submission that provides recommendations across a variety of ministries and legislation, such as building codes, the MGA and Environment. 
 
The document provides 29 Red Tape Reduction Recommendations related to residential construction industry. 
 
Associate Minister Hunter was also the guest presenter at BILD Lethbridge Lunch & Learn Speaker Series in November 2019.
COVID-19 Resource List
 
The BILD Lethbridge website has a dedicated page that contains links to the provincial, federal and municipal programs and updates for your easy reference. You can find it HERE .
 
Other helpful main links:
 
City of Lethbridge Permit Report
Alberta Economy - Indicators at a Glance (August 28)
CMHC Housing Market Information Portal
CREA Housing Market Statistics National Price Map

QUESTIONS? CONCERNS? COMMENTS?
bridget@bildlethbridge.ca 
We are always here to assist you

BUILDING INDUSTRY & LAND DEVELOPMENT ASSOCIATION
14, 495 WT Hill Blvd South | Lethbridge AB |  T1J 1Y6
P: 403-328-2288  |
www.bildlethbridge.ca

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BILD Lethbridge · #14 - 495 W.T Hill Blvd. S · Lethbridge, AB T1J 1Y6 · Canada

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