The COVID-19 pandemic has continued to affect economic activity in the Edmonton region in Q3 2020. Though stage 2 of the provincial relaunch strategy has allowed businesses to continue operating, many are facing the challenges of service reductions and adapting to accommodate health measures.
Measures allowing some operations have helped the labour market in its recovery: employment gains from Q2 2020 are 53,200, bringing the unemployment rate down to 12.6 percent from 15.7 percent.
However, without a medical solution to the virus, there is no end in sight to the pandemic’s health and economic toll. Uncertainty will weigh on Edmonton and the region’s economic recovery paths, especially with rising case counts in the Edmonton health zone in fall 2020.
Based on the City of Edmonton’s spring 2020 forecast, pre-COVID output levels are not expected until 2022, though downside risks to the recovery of factors such as net in-migration and consumer and business confidence could affect the timeline of Edmonton’s economic recovery.