The energy sector accounted for 40 per cent of total provincial revenue in the last fiscal year. On top of that, there's the ripple effect of personal and corporate income taxes that flow into the Alberta treasury. There's been much talk in Alberta about how much more diversified the economy has become over the past 15 years. Even when oil prices slumped in 1997-98, Alberta still kept its books balanced. The economy's ability to keep humming can be explained in part by diversification within the oil patch.
Petrochemicals are an important part of the equation, and so are the many projects in the oil sands.
And Edmonton, after suffering in the mid-1990s from budget cuts in the public sector, is thriving from that broadening of the base within the oil and gas industry. Edmonton is also benefiting from lower-profile expansions, including new headquarters for Intuit Canada, known for selling personal finance software, such as QuickTax and Quicken. Yesterday, after Nortel's Mr. Roth stressed that his company remains a global networking leader, shareholders got a bag of chips and spring water for their troubles. Republished with permission. All Rights Reserved.