Economic Growth Looks Promising for Lethbridge

LETHBRIDGE – It’s expected that Lethbridge will outperform most provincial economies this year, according to the latest Mid-Sized Cities Outlook Report.

CEO of Economic Development Lethbridge (EDL), Trevor Lewington, says it’s “kind of a different beast” here compared to Red Deer and Medicine Hat. Both have much more exposure to oil and gas, but are anticipated to contract this year. Of the close to 5,000 businesses operating in Lethbridge, roughly 70 of those have a direct tie to oil and gas.

Two sectors, agriculture and technology, are the biggest contributing factors in Lethbridge’s anticipated 1.3-per cent GDP growth to $5.85-billion over 2016.

“We know that technology’s going to be the future of the global economy, and if Lethbridge is going to compete on a global scale, we have to create those opportunities… It experienced the highest growth last year at 3.4-per cent,” noted Lewington.