Alberta Budget 2022 targets economic recovery and innovation

February 24, 2022
Innovation In the Media New Economy Talent
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Alberta Legislature Building
Matthew Long @Landlopers

The Government of Alberta advanced its economic recovery plan in Budget 2022 last Thursday with important investments in skills development to get more Albertans working and to drive growth in sectors aligned with Calgary in the New Economy

The balanced Budget – Budget | Alberta.ca – delivered by Finance Minister Travis Toews reflects a sharp turnaround in revenues projected for the fiscal year ahead compared with the impact of low commodity prices and the COVID-19 pandemic in recent budgets.  

It provides more than $600 million in additional funding over the next three years for the Alberta at Work initiative – a collection of new post-secondary education, skills training opportunities and employment programs. 

There is also $67.5 million over three years for the implementation of the Alberta Technology and Innovation Strategy with funding to accelerate commercialization of technologies in Artificial Intelligence and quantum science. 

An additional $80 million will be earmarked over the next three years to the Film & Television Tax Credit that was introduced in 2021 and was instrumental in the value of film and TV productions in Calgary soaring to a record $520 million last year.   

There is $15 million to raise awareness about the benefit of living and working in Alberta that aligns with Calgary Economic Development’s talent attraction and retention initiatives, such as the Live Tech, Love Life marketing campaign.  

In his address, Minister Toews praised the momentum in the economic turnaround and cited record levels of venture capital investment, the boom in film and television production and listed several major corporate investments in Calgary in the last year. 

“We are proud to have played a role in attracting the major investments that Minister Toews referenced in his speech with Infosys, Mphasis, Amazon Web Services, RBC and EY and will continue to collaborate with the Government of Alberta to attract more investment,” said Brad Parry, President and Chief Executive Officer, Calgary Economic Development.  

"The major focus in the Budget on getting more Albertans working and building their skills is critically important and aligns with our focus on talent in the economic strategy Calgary in the New Economy.” 

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