Alberta's economy turning corner

Alberta's economy is turning the corner after low crude oil prices and May wildfires created headwinds, provincial leaders said while touting a jobs plan.

"Too many families are struggling with job losses and uncertainty, so we took decisive action with a plan that's creating jobs now," Deron Bilous, the minister for economic development and trade, said in a statement.

The provincial government started the year with efforts to diversify an economic that relies heavily on oil for revenue. A jobs plan that includes more than $30 billion in capital spending emphasizes market diversity and small business tax breaks to boost regional prospects.

Alberta's economy was hit hard in May when wildfires sidelined about 1 million barrels of oil production per day. More than 27,000 jobs were lost in the province between May 1 and July 31, but by the provincial government's estimates, around 25,000 jobs were added between Aug. 1 and Oct. 31.

"We're getting back on our feet," Bilous said.

Provincial leaders this year appointed a five-member task force to help steer research, development and deployment of technology that could be used to advance a low-carbon economy in Alberta.

The province lies at the heart of the Canadian oil sector and lower crude oil prices have resulted in a 3.7 percent contraction for the provincial economy. The government in September unveiled a $23 million package to help pay for long-term, locally developed projects meant to create jobs and diversify the provincial economy.

So far, the government expects investments not tied to the oil and gas sector to reach $28 billion, which would be a record if estimates are accurate.

Total oil production for July, the last full month for which data are available, was 91 million barrels, about 5 percent less than last year.