Budget 2022 sets clear path to economic recovery

Calgary, February 24, 2022 – The budget tabled by the provincial government prioritizes economic recovery and supports business that are recovering from the impacts of the pandemic. Included in Budget 2022 are key investments that will accelerate economic growth, including support for diversification, funding to mitigate the labour shortage and advancement of the childcare agreement. The Calgary Chamber commends the government on tabling a budget with a small surplus, while increasing spending on key initiatives and avoiding increases to taxation.

“Businesses are finally in a position to look above the horizon towards a post-covid economy,” says Deborah Yedlin, President and CEO of the Calgary Chamber of Commerce. “This budget reflects future-focused investments that will spur economic growth and support our diversification across several sectors.”

Key investments outlined in today’s provincial budget will support the recovery and long-term success of businesses, including:

• Significant funding through the Alberta at Work program, including $264 million to address the labour shortage and address critical skill gaps, and $64 million towards Labour and Immigration for developing and maintaining employment.
• Investment in diversification through several initiatives including funding for a Clean Hydrogen Center of Excellence, the Alberta Film and Television Tax Credit, funding for ag tech and food processing and investment in technology and innovation. 
• $666 million in 2022-23 and $2.6 billion by 2024-25 to increase affordability, accessibility, and quality of childcare, moving towards an average of $10 per day childcare.
• $698 million over three years to advance technology and jobs that specifically focus on driving down emissions while keeping our energy industry competitive.
• Funding to address supply chain challenges including $30 million for commercial drivers.
• Rate freezes for the Corporate Income Tax or Alberta Tourism Levy. 

As the Government of Alberta continues to focus on economic recovery, we urge consideration and investment in the following opportunities:

• Support for hard-hit industries including the small businesses, tourism and hospitality and non-profit sectors. 
• Specific investment in downtown revitalization, investing in Calgary’s ability to attract talent and strengthen commerce and community in our core. 
• Further leverage funding allocated by the federal government to advance key priorities including climate change mitigation, technology adoption for small businesses and inclusive economic growth. 

The Calgary Chamber will continue working closely with the provincial government to ensure the path to economic recovery is aligned with the challenges and opportunities faced by the business community, particularly as we emerge from the pandemic.

The Calgary Chamber looks forward to hosting the Honorable Travis Toews, Minister of Finance and President of the Treasury Board, for an in-person address to the business community on February 28, focused on the implications of Budget 2022.

For media inquiries, please contact Ruhee Ismail-Teja, Director of Policy and Communications at media@calgarychamber.com.

ABOUT THE CALGARY CHAMBER 

The Calgary Chamber is an independent non-profit, non-partisan business organization. For 131 years the Chamber has worked to be the convenor and catalyst for a vibrant, inclusive and prosperous business community, for the benefit of all Calgarians.