The global economic picture is changing quickly — and for Calgary businesses, knowing which shifts matter most is becoming increasingly important.
The U.S.-Canada trade war, conflict in Iran, the upcoming referendum on Alberta’s future in Canada, rising costs and policy uncertainty are shaping the outlook for 2027. At the same time, new opportunities in energy, technology, agribusiness, aerospace and aviation are expanding Calgary’s economic base.
Calgary Economic Development’s upcoming 2027 Economic Outlook event, powered by ATB Financial, will bring Calgary’s business community together on Oct. 6 to focus on the forces most likely to shape the economy in the year ahead.
This year's event brings together two distinct perspectives: ATB Financial Vice President and Chief Economist Mark Parsons, who will break down the economic trends shaping Calgary and Alberta, and former Alberta premier Jason Kenney, who will offer his perspective on the political and policy issues influencing the province’s business environment.
Ahead of the event, we caught up with Mark for a preview of what he’ll be watching in 2027 and speaking to on Oct. 6.
Why should Calgary’s business community attend 2027 Economic Outlook?
What I really like about this event is that you gain current business insights and first-class networking in a condensed format. In just an afternoon, you will come away with an understanding of the current economic landscape — locally, nationally, and globally — along with new contacts and ideas that you can take back to your workplace or share with your friends.
What are the three biggest economic questions you’ll tackle during your keynote, and why are they top of mind for business leaders right now?
A common sentiment when I meet with people across the province is the almost overwhelming pace of change and uncertainty right now. Just think of all the geopolitical disruptions in this year alone, like the U.S. capture of Venezuelan President Maduro, the war in Iran, and the current trade war between the U.S. and Canada that is escalating again.
I want to take a step back from the daily noise and focus on the trends that matter most. Some of the questions I’ll tackle include: How will a fractured global trading environment impact Alberta and Calgary? Is it just energy, or is the economy really diversifying into new areas? What will it take for Canada and Alberta’s economy to be successful in this new world order?
How should Calgary and Alberta businesses prepare for economic conditions in 2027? What are the most significant risks and opportunities business leaders should be watching for?
Businesses should be prepared to stay adaptable and in a ready-state to major shifts.
A major opportunity that has emerged in the last year, particularly with the Strait of Hormuz blockade, is that the world is increasingly looking for safe and stable places to source energy, food and critical minerals. Canada and Alberta are well positioned. New investments in energy infrastructure and ports can help Canada export more overseas. There are also more signs of diversification in the Alberta economy, which will help the province withstand energy price shocks better than in the past.
But there are also many challenges and risks. The rising cost of living and doing business will remain a big issue going into 2027. Businesses are looking for more policy certainty that will allow them to make investments with confidence.
‘On and off’ tariffs from the U.S. are hard for Canada to control, but businesses are still looking for a long-term trade deal with the U.S. Now, businesses are looking for more certainty on timing of approvals in Canada’s push to accelerate major projects. Another big issue is that unemployment remains elevated as jobs have not always kept up with fast population growth, particularly among youth. On a more global level, there are concerns about the sustainability of the AI investment boom.
Which sectors or emerging opportunities are expected to drive Calgary and Alberta’s growth in 2027?
Energy will remain a key growth driver, especially with new pipelines and LNG facilities on the horizon. But Calgary’s economy is drawing from a much broader base than before. Emerging areas of growth include agri-food processing, technology (including data centers), petchem, tourism and aviation.
As you look ahead to next year, which sources of uncertainty are most likely to influence Alberta’s economic outlook?
Three primary sources of volatility are shaping Alberta’s economic horizon:
- Trade and tariff policies;
- Geopolitics and their impact on energy markets; and
- Domestic and regional policy uncertainty.
What gives you the most confidence in Calgary and Alberta’s economic future right now?
There are a number of factors that position Calgary and Alberta well for the future, including:
- The province has a young, working-age population.
- Lower U.S. tariff burden when compared to other provinces.
- Abundant resources, including energy, agriculture, forestry and critical minerals.
- The region continues to attract interprovincial migrants who are enticed by relative housing affordability and jobs.
- A broadening economic base, including in technology.
Want to hear more from Mark? Tickets are available for Calgary Economic Development’s 2027 Economic Outlook, powered by ATB Financial. Secure your spot today.
Learn more about Calgary's vision to create long-term prosperity and opportunities for all in our economic action plan, Uplook.