The Calgary Stampede is sometimes seen as an indicator of the health of the city鈥檚 economy. As the 10-day event opens on Friday, early indications suggest things may be looking up.
After the price of oil plummeted in 2014 from more than $100 a barrel to below $50 a barrel where it stands now, resource companies across Alberta laid off workers. The city鈥檚 unemployment rate shot up to 8.6 per cent by 2016, and nearly one quarter of office space are still vacant in the city鈥檚 downtown.
Stampede attendance, meanwhile, hit the last summer 鈥� hampered by not only the poor economy but also rainy weather.
Scott Crockett, from the Calgary Chamber of Commerce, says the economic downturn cost the city 鈥渢housands of businesses,鈥� but the economy is now 鈥渂eginning to turn a corner.鈥�
Things have already turned around for David Howard, owner of the Event Group. Howard had no stampede-related business a couple of years ago, but his company has been hired to organize several corporate parties this year -- albeit less opulent ones than in boom times.
鈥淵ou can't go spend a million dollars on a stampede party and have headline bands and free alcohol and five-star catering service when your stock is cut in half,鈥� he said. 鈥淚 mean, the optics are terrible.鈥�
Another sign for cautious optimism: the city鈥檚 biggest hotel, the Westin Calgary, has sold out all of its 500-plus rooms for the next week. General manager Arjun Channa said there鈥檚 鈥渘o question鈥� the stampede is doing better this year.
鈥淲e can feel the vibe in the city and the number of tourists that have come in,鈥� Channa said.
There was also an increase in the amount of advertising purchased at auction for chuck wagon tarps. The total raised this year was $2.4 million, up about $100,000 from the previous years.
That鈥檚 still far less than the $4 million raised from the tarp auction in 2012, when oil was worth $100 a barrel and when 1.4 million people visited the stampede, but the city鈥檚 mayor is optimistic.
鈥淚t鈥檚 still a long road ahead,鈥� Mayor Naheed Nenshi said, 鈥渂ut certainly we鈥檙e feeling way better about where we are.鈥�
With a report from CTV鈥檚 Alberta Bureau Chief Janet Dirks
