2014
Calgary:
A Global
Financial Centre
There’s an energy in Calgary that
exhilarates, invigorates & motivates.
It’s a place of big skies and big ideas.
There is opportunity here — to start a business,
start a new life or start an adventure.
And everyone is welcome to be part of the energy.
Home to over a million residents, Calgary is Canada’s third most populous city and fifth most populous
metropolitan area. In fact, the region attracted more than 45,000 new migrants in 2013. Ranked as the
fifth most livable city in the world, Calgary has the second most-educated population in Canada with
approximately 70 per cent of the population holding a post-secondary certificate, diploma or degree.
Calgary also exhibits the highest labour force productivity in the country and residents enjoy the
highest personal income per capita of Canada’s metropolitan areas.
Montreal $37,645
Vancouver$41,166
Toronto $41,898
Ottawa $44,972
Edmonton$48,426
Calgary $54,577
Personal income per capita, 2013
(Conference Board of Canada)
Calgary’s position as a global energy centre, the
education levels of the population and the high
rate of business start-ups combined with endless
business opportunities, helped Calgary rank second
in the Top 10 North American Cities of the Future
(FDI Magazine 2013)
Calgary ranked the
5th
most livable city in the world
the past five years
(Economist Intelligence Unit, 2010-2014)
The Calgary region attracted over
45,000
new migrants in 2013, more than
half of which which were new
immigrants to Canada.
Calgary; a safe and secure
destination for foreign
investment
The energy companies
headquartered in Calgary
are fortunate to operate in
Canada’s fiscally and politically
stable environment. It’s easy to
conduct business in Calgary due
to a well-connected business
community. Royalties are
competitive and the provincial
government is committed to
ensuring they remain so into
the future. Regulatory burdens
are minimized as the regulatory
system is precedent based,
largely rules driven, fair and
consistent, and provides all
parties with the right to be heard
or have their concerns addressed.
Calgary posted the second highest GDP growth and
highest employment growth in Canada over the past
10 years and is one of the top performing economies
in North America. The Calgary region posted GDP
growth of 3.7 per cent in 2013, while generating
24,200 jobs, 11 per cent of the national total.
Montreal 12.0%
Vancouver14.4%
Toronto 15.3%
Ottawa 16.1%
Edmonton27.4%
Calgary 27.8%
Total employment growth Canadian
Metropolitan Areas 2004-2013
(Statistics Canada)
Calgary has the highest rate
of labour force participation and
employment, and has the lowest
unemployment rates in Canada.
The average annual participation
rate for the past five years
(2009-2013) is 75 per cent and
unemployment in September
2014 was 4.6 per cent.
highest number of corporate
head offices and has the highest number of small
businesses per capita in the country.
Calgary boasts the
At 25 per cent, Alberta’s combined federal and provincial
corporate tax rate is lower than the Canadian average at
27 per cent and significantly lower than the average
American combined federal and state rate at 39 per cent.
(Government of Alberta)
Canada has the lowest
corporate tax rate in the G8
Strength of
Calgary’s financial
services sector
While oil and gas is the driving force behind Calgary’s
buoyant economy, the growing financial services sector
has, in its own right, become internationally recognized
and is a major contributor to the city’s economy.
International energy companies increasingly look to Calgary not
just for capital investments or mergers and acquisitions, but also
for advice on structuring complex deals. This has resulted in the
financial services sector in Calgary handling, on average,
12 per cent of global energy deal volume over the last five years.
At the same time, Alberta’s energy sector accounted for only
4.7 per cent of global production.
In March 2014,
Calgary ranked 22
out of 77 global financial centres
on the Global Financial Centre Index.
Global energy deal flow
2008-2013
Calgary
World
Total Announced
Market Share (%) Total Announced Market Share (%)
Deal Volume
World Deal Deal Number
World Deal
(US$MM) VolumeNumber
264,809.95
12.0%
1330 9.3%
2,214,072.72 100.0% 14297100.0%
(Bloomberg)
The deals handled by Calgary’s financial services sector serves to secure funding for the largest share of capital
expenditures in Canada. The capital needed to finance the energy sector and the revenue it generates cannot be
overstated – no other sector in Canada requires the capital infusion that the energy sector does. The Conference
Board of Canada estimates $364 billion will be spent in the next 25 years on oil sands production, maintenance,
pipelines and upgraders.
Capital Investment in Alberta
2010-2014 ($Billions)
120
100
80
36.7
46.7
54.2
55.3
57.1
22.3
22.6
25.8
8.9
13.5
8.3
12.5
7.5
14.9
31.7
8
16.2
32.3
7.7
16.7
2011
2012
2013
2014
40
20
0
2010
Housing
Non-Energy
Institutions
Oil and Gas
(Statistics Canada)
The volume of transactions conducted in
Calgary is expanding and now extends
well beyond the energy industry. As a
result, there is a certain sophistication and
knowledge that operates within the financial
services sector. From 2008 to 2013, Calgary
accounted for 25 per cent of total deal
volume in Canada (across all sectors),
second only to Toronto.
And with Calgary housing the largest
concentration of head offices per capita, the
access to key decision makers offers Calgary
a unique competitive advantage that cannot
be beat by many other cities.
Calgary has one of the most educated
populations in Canada with the second
highest level of educational attainment
of people aged 25 – 64 within the major
Canadian cities.
This results in a highly skilled labour
pool for the financial services sector.
(2011 National Household Survey)
While the Calgary financial services sector provides six per cent
of total employment, it generates 15 per cent or
16.74 billion
$
of the cities total GDP. (Calgary Regional Partnership).
This reinforces the significance of the sector to the Calgary economy.
Employment by sub-sector, Calgary Metropolitan Area 2013
Lending services Security and commodity exchange services
Insurance carriers and providers
12,100
7,300
9,900
Number of companies by sub-sector, City of Calgary June 2014
Lending services Security and commodity exchange services
Insurance carriers and providers
914
5528
804
Canada provides a fiscally and politically stable
environment for Calgary’s robust financial services
sector. The Economist Intelligence Unit rates Canada
as the #1 place to do business in the G7.
(Industry Canada)
Canada ranks in the top five in a number of indices in the World
Economic Forum’s Global Competitiveness Index (2013-2014)
1st
soundness
of banks
1st
number of procedures
to start a business
1st
inflation,
annual % change
4th
strength of investor
protection
Financial success draws financial leaders.
Calgary is home to major Canadian
financial institutions, investment
firms and asset management and
private equity firms. The Bank of
Montreal, CIBC, Royal Bank of Canada,
Scotiabank and TD Canada Trust all have
a significant presence in Calgary.
Canadian investment firms with offices
in Calgary include Acumen Capital,
Canaccord Capital, FirstEnergy Capital
and Peters & Co.
In addition to Canada’s financial leaders,
a growing number of international banks
now have a presence in Calgary.
Global banks with
operations in Calgary
include Bank of America,
Barclays Bank, BNP Paribas,
Deutsche Bank and
HSBC. More recently the
Bank of China, Industrial
Commercial Bank of China,
Mizuho Bank and United
Overseas Bank have also
opened offices in Calgary.
Calgary has also attracted a number of investment,
asset management and private equity firms,
crucial to securing capital for large projects.
Canadian based investment and asset
management firms with offices in Calgary include
Alberta Investment Management Corporation,
ARC Financial, Fidelity Investments, Jarislowsky
Fraser, Matco Financial and Mawer Investment
Management. Global institutions in Calgary include,
Morgan Stanley and Goldman Sachs. KKR, a leading
global investment firm, expanded to Calgary
in 2014, reinforcing Calgary’s position as a global
financial centre.
17
of the top 20 global investment
banks have a presence in Calgary.
(Bloomberg Markets Magazine, April 2014)
Calgary Economic
Development is a
conduit, connector,
catalyst and story teller.
We are opportunitymakers, helping to spark
and fuel Calgary’s growth.
Our job is to connect people with resources that can
help them grow their careers or businesses, thrive
in new locations or markets, and feel at home in our
community. We offer a wealth of information to help
everyone succeed and we tirelessly promote Calgary,
in Canada and around the world. We’re exhilarated
about our role in shaping and sharing Calgary’s story
and we’re proud to be part of the energy.
A business resource your organization should know about:
Global Business Centre:
• centrally located in downtown Calgary
on Stephen Avenue Walk
• landing pad for foreign companies
• launching pad for local companies
• Temporary business desk space available
• Meeting facilities
• Networking and events
Action Calgary
Action Calgary is a corporate partnership program that engages Calgary business leaders
to influence the movement of our economy.
The thought leadership and generous financial support from this group of visionary Calgarians
supports Calgary Economic Development in delivering award-winning initiatives and programs,
drive economic and individual prosperity, and better compete on the global stage.
Platinum
Gold
Silver
Aecon Group Inc.
Aspen Properties Ltd
ATCO Group
Birchcliff Energy
Bow Valley College
Brookfield Residential
Calgary Flames Hockey Club
Calgary Regional Partnership
Calgary TELUS Convention Centre
Cenovus Energy
DMG Events (Canada)
Enbridge Inc
ENMAX Corporation
Evans Hunt
Glacier Media Group
Gowlings
Joe Media Group
KPMG LLP
Matco Developments
Mount Royal University
Nexen Energy
Redpoint Media Group
Resorts of the Canadian Rockies
RGO Office Products Ltd
SAIT
Tarpon Energy Services Ltd
University of Calgary
WestJet Airlines
Bronze
AXIA Supernet Ltd
Bennett Jones LLP
BKDI Architects
Burnet Duckworth & Palmer LLP
Calgary Folk Music Festival
Calgary Opera
DIRTT Environmental
First Calgary Financial
Glenbow Museum
GlobalFest
HBI
Lawson Projects
PwC
Quintaro Imaging Inc
Shape Properties
Sizeland Evans Interior Design Inc.
St. Mary’s University
Stone-Olafson Incorporated
Theatre Calgary
Trico Homes
YMCA
YYC Airport Authority
V Strategies Inc
Calgary Municipal
Land Corporation
Cresa Calgary
Calgary Economic Development
731 1st Street SE
Calgary Alberta Canada T2G 2G9
ph: 403 221 7831
fax: 403 221 7828
toll free: 1 888 222 5855
calgaryeconomicdevelopment.com
Calgary Economic Development
@calgaryeconomic
calgaryeconomic