Calgary
Economy

Calgary is recognized as a leader in the Canadian oil and gas industry, and its economy expanded at a significantly higher rate than the overall Canadian economy (43% and 25%, respectively) over the ten-year period from 1999 to 2009. Its high personal and family incomes, low unemployment and high GDP per capita have all benefited from increased sales and prices due to a resource boom, and increasing economic diversification.

Calgary benefits from a relatively strong job market in Alberta and is part of the Calgary–Edmonton Corridor, one of the fastest-growing regions in the country. It is the head office for many major oil and gas-related companies, and many financial service businesses have grown up around them. Small business and self-employment levels also rank amongst the highest in Canada. Calgary is a distribution and transportation hub with high retail sales.

Calgary's economy is decreasingly dominated by the oil and gas industry, although it is still the single largest contributor to the city's GDP. In 2006, Calgary's real GDP (in constant 1997 dollars) was CA$52.386 billion, of which oil, gas and mining contributed 12%. The larger oil and gas companies are BP Canada, Canadian Natural Resources Limited, Cenovus Energy, Encana, Imperial Oil, Suncor Energy, Shell Canada, Husky Energy, TransCanada, and Nexen, making the city home to 87% of Canada's oil and natural gas producers and 66% of coal producers.

As of November 2016, the city had a labour force of 901,700 (a 74.6% participation rate) and 10.3% unemployment rate.

In 2013, Calgary's four largest industries by employee count were "Trade" (with 112,800 employees), "Professional, Scientific and Technical Services" (100,800 employees), "Health Care and Social Assistance" (89,200 employees), and "Construction" (81,500 employees).

In 2006, the top three private sector employers in Calgary were Shaw Communications (7,500 employees), Nova Chemicals (4,945) and Telus (4,517). Companies rounding out the top ten were Mark's Work Wearhouse, the Calgary Co-op, Nexen, Canadian Pacific Railway, CNRL, Shell Canada and Dow Chemical Canada. The top public sector employers in 2006 were the Calgary Zone of the Alberta Health Services (22,000), the City of Calgary (12,296) and the Calgary Board of Education (8,000). Public sector employers rounding out the top five were the University of Calgary and the Calgary Roman Catholic Separate School Division.

In Canada, Calgary has the second-highest concentration of head offices in Canada (behind Toronto), the most head offices per capita, and the highest head office revenue per capita. Some large employers with Calgary head offices include Canada Safeway Limited, Westfair Foods Ltd., Suncor Energy, Agrium, Flint Energy Services Ltd., Shaw Communications, and Canadian Pacific Kansas City. CPR moved its head office from Montreal in 1996 and Imperial Oil moved from Toronto in 2005. Encana's new 58-floor corporate headquarters, the Bow, became the tallest building in Canada outside of Toronto. In 2001, the city became the corporate headquarters of the TSX Venture Exchange.

WestJet is headquartered close to the Calgary International Airport, and Enerjet has its headquarters on the airport grounds. Prior to their dissolution, Canadian Airlines and Air Canada 's subsidiary Zip were also headquartered near the city's airport. Although its main office is now based in Yellowknife, Canadian North, purchased from Canadian Airlines in September 1998, still maintains operations and charter offices in Calgary.

One of Canada's largest accounting firms, MNP LLP, is also headquartered in Calgary.

According to a report by Alexi Olcheski of Avison Young published in August 2015, vacancy rates rose to 11.5 percent in the second quarter of 2015 from 8.3 percent in 2014. Oil and gas company office spaces in downtown Calgary are subleasing 40 percent of their overall vacancies. H&R Real Estate Investment Trust, which owns the 58-storey, 158,000-square-metre Bow Tower, claims the building was fully leased. Tenants such as Suncor "have been letting staff and contractors go in response to the downturn".
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