Alberta will experience a rate of economic growth that is slightly higher than Canada’s average rate of growth for the past five years,according to a report released today by the Canada West Foundation.

“With indicators such as employment growth slowing and housing starts down, Albertans may be concerned about a shift in the economy,” says Roger Gibbins, president and CEO of Canada West Foundation. ”However, consumers are still spending money and jobs are still being created in the province. Albertans can rest assured that although times seem to be slowing down, the province is still moving forward,” continues Gibbins.

Some additional highlights of the annual forecast include:

> Although it is true that employment growth has slowed, it certainly hasn’t stalled. Alberta continues to lead the country in job creation.

> While activity in the conventional oil and gas sector is down considerably compared to previous years, business investment related to the oil sands will continue to be an important driver of the provincial economy.

> With the price of oil climbing above US$130 per barrel and natural gas looking better than it has in the past two years, energy prices so far in 2008 are certainly supportive of continued economic growth.

The Canada West Foundation is forecasting real GDP growth of 3.1% for Alberta in 2008 and 3.2% for 2009.

Although the downside risks to this forecast are more pronounced than in past years, Alberta is in a good position to retain its status as one of Canada’s top performing provincial economies, the Canada West Foundation says.