Breaking news at calgaryherald.com Calgary business Friday, January 16, 2009 E5
Construction investment soars in Calgary
Commercial which saw an 18.7 per cent an-
nual increase to $7.3 billion.
est across the country for a
number of years.
saw total investment rise by
1.7 per cent to $11 billion in the
sector shows The province’s institutional sec-
tor rose by 7.5 per cent in 2008
“Right now we’re still seeing a
lot of construction projects com-
fourth quarter, while Alberta saw a
0.7 per cent rise to $2.7 billion.
biggest gains to $1.7 billion and the industrial
sector increased by 2.8 per cent
to $1.4 billion.
ing on line over the next couple
of years,” added Sumner.
Throughout Canada, in-
Investment in non-residential
construction in Calgary fell by
0.2 per cent from the previous
Mario TonEguzzi “There was a massive short- vestment in the commercial quarter to $1.23 billion.
Calgary Herald age of commercial office space, construction sector rose by A report released this week by
particularly in Calgary but also 10.2 per cent over the year to the Conference Board of Canada
i nvestment in non-residen-
tial construction in Calgary
soared by 11.9 per cent in 2008
compared with the previous year
to nearly $5 billion, according to
in Edmonton, so you see the
big run-up,” said Dan Sumner,
economist with ATB Financial
“A lot of those commercial
$26.4 billion while the institu-
tional sector was up by 6.7 per
cent to $10.6 billion and the
industrial sector increased by
3.9 per cent to $5.7 billion, accord-
said falling business confidence,
tight credit conditions and a steep
drop in profits will contribute to
a weak year for private invest-
Statistics Canada. construction projects, they ing to Statistics Canada.
The federal agency, in releasing seem to kind of lag behind the On a quarterly basis, Canada mtoneguzzi@tHeHerald.Canwest.Com
Thursday its national report on rest of the economy sometimes,”
the fourth quarter of 2008, said Calgary Herald Archive he said.
Calgary’s year-over-year growth Calgary’s non-residential construction sector grew by 11.9 “They seem to happen at the
rate bested Canada’s, which saw per cent in 2008 over the previous year, says Statistics Canada. end of it. That sometimes can O
an 8.4 per cent hike to almost be a problem because then you
$43 billion for the year. 23.6 per cent jump from 2007. $165.4 million. end up with a bit of excess when
Calgary’s growth was fu- The institutional sector In Alberta, year-over-year you see some softness (in the
elled by the commercial sector, dropped by 19.8 per cent to growth hit 14.3 per cent to economy).”
which included investment to $711.3 million while the indus- $10.5 billion, with the bulk of that He said Calgary commercial April 8th, 2009
the tune of $4.1 billion in 2008, a trial sector fell by 31 per cent to also in the commercial sector, vacancy rates were the low- & TEC
Canada needs new national
energy strategy, study says Exhibitors and Job Seekers
planning • Prime Minister Stephen technologies to use, store and dispose
Harper’s government should imme-
diately craft a new national energy
strategy, especially as U.S. legislators
of carbon, will lead the way into the
Hester is one of four academics
raise concerns about the environmen- chosen by the international council for more information
tal effects of Alberta’s oilsands, states to contribute perspectives in vital
a study released Thursday by the areas of Canadian foreign policy. The
Canadian International Council. council is a non-partisan, nationwide
The report — titled The New Global council established by Jim Balsillie,
Energy Geopolitical Game: Is Canada co-CEO of Research In Motion, to
ready to play? — suggests the cur- strengthen Canada’s role in interna-
rent economic downturn provides an tional affairs.
opportunity for the federal govern- — Shaun Polczer, Calgary Herald AA707880
ment to co-ordinate a national plan
directly with the provinces because
Canada’s prosperity is directly linked
to a coherent energy policy.
“Canada can use the fierce and
multilateral competition for access
to energy resources to position itself
as a major energy power,” writes
Annette Hester, a Calgary-based
economist and international council
research associate. “It should — and
can — become the nation to tell the
world the ‘1,001 ways’ of using car-
bon. However, before the country can
craft a foreign energy policy, it needs
a grand national strategy.”
Hester argues devising a strat-
egy is difficult because resources
fall under the purview of provincial
governments and the private sector,
as well as the strict rules of the North
American Free Trade Agreement, and
also due to the large environmental
footprint associated with oilsands.
“In this day and age, any country
that comes up with new ideas and
Toyota cuts output
in North America
auToMakErS • Toyota Motor Corp.,
the world’s largest carmaker, said
Thursday it would cut production at
several North American plants over
the next few months in a bid to cut its
vehicle inventory in half.
Toyota shares gained three per cent
in Tokyo, outperforming the overall
Automakers are grappling with
slumping sales in the mature markets
of North America, Europe and Japan,
as well as slowing sales in emerging
markets such as India, China and Rus-
sia amid a spreading global recession.
Toyota’s announcement followed
a newspaper report that rival nissan
Motor Co. planned to move produc-
tion of its March subcompact to Thai-
land from Japan as part of a structural
overhaul to cut costs.
Nissan spokeswoman Yuko Matsuda
said she cannot comment on the firm’s
future product plans.
Nissan announced further produc-
tion cuts in Japan on Thursday and a
source said it would post an operating
loss this financial year.
Toyota, which has warned it would
post its first-ever annual operating loss
this fiscal year, said its inventory of
North American-built vehicles ranged
between 80 and 90 days.
Hesje said a consulting firm and one
of its employees hired by Niko in Ban-
gladesh was also charged after the ACC
looked into details surrounding Niko’s
joint venture contract with the Bangla-
desh government. One of the consulting
firm’s tasks was to facilitate meetings
tied to Niko’s joint venture aspirations,
the executive said.
Niko’s relationship with the firm, Stra-
tum, ended in September 2003, about
a month before Niko was awarded the
government joint venture contract, he
On its end, the RCMP would not
comment whether it was undertaking
an investigation on the company.
“The bottom line is we know about
it but we’re not going to confirm it or
deny it,” Sgt. Patrick Webb said. “We
don’t, as a policy, make a confirmation
or a denial on an investigation.”
The RCMP’s anti-corruption unit was
created in 2008, and has units in Calgary,
Toronto and Ottawa.
witH files from Canwest news serviCe