The greater Edmonton region is celebrating new year’s early with the news it is expected to have the strongest performing metropolitan economy in Canada next year.

The forecast from the Conference Board of Canada says the economy of Greater Edmonton will lead the country with 3.2-per-cent GDP (gross domestic product) growth expected through the winter.

“After two years of exceptional growth of about six per cent, Edmonton will turn in 3.2-per-cent growth, which is twice the national average. This is truly remarkable,” said Jim Frank, the board’s vice-president and chief economist, in a speech in Edmonton.

Jim Edwards, the outgoing president and CEO of Economic Development Edmonton, said he believes the city can sustain its growth rate by capitalizing on regional strengths through collaboration and addressing regional challenges.

Alberta recorded the highest rate of GDP growth in Canada in 2001, and will experience moderate growth next year, says a report released Friday by Economic Development Minister Mark Norris.

The annual sector-by-sector review shows the provincial economy grew by 4.9 per cent this year, while private sector forecasters have pegged growth at about 2.1 per cent next year, higher than the national average of 1.1 per cent.

Jim Edwards

“Alberta had another outstanding year economically, and the province expects a healthy economic performance in 2002, despite the global economic downturn,” Norris said, adding exports are expected to grow by four per cent, inter-provincial migration to Alberta will remain steady and growth in consumer spending is expected to remain strong.

In the speech, Edwards said the Edmonton area in particular is experiencing its greatest period of sustained economic growth in 25 years.

“Without a doubt, we are well positioned to exploit our advantages, while other regions struggle to retain a measure of economic stability,” he said, noting that both the growing diamond industry in the north and $50-billion in investment for northern Alberta oilsands will ensure Edmonton benefits from the purchasing, manufacturing and distribution opportunities attached to these projects.

“We also have bragging rights to having one of the most concentrated biotechnology clusters per capita in North America with over 100 companies and 20 public organizations pursuing biotech, pharmaceutical and other related opportunities,” Edwards added.

But he said Edmonton is facing several challenges, including its relationship with its downtown area, which he said should be a city’s face to the world and a symbol of its character.

“Right now, downtown Edmonton presents itself as a worksite, a place left behind at the end of the day by people who live elsewhere,” said Edwards.

“This tells the world we are not a 24/7 city.”

More programs are needed to stimulate downtown housing units, including warehouse loft conversions, rental units and seniors housing, he added.