Alberta Budget 2021 overview
Post Category: BTA Blog

Without question, the past 12 months have been some of the most difficult and trying in our lifetimes. A year has been swallowed by a virus that’s upended the status quo and wreaked havoc on everything from our health-care systems to our economy.

Alberta’s 2021 budget, tabled yesterday by Finance Minister Travis Toews, aims to maneuver within these realities, many of which have had a major impact on the lives of BTA affiliate members and their families.

Below is a quick overview of some key budget areas of particular interest to BTA membership:

Projected deficits:

– $20.2 billion shortfall for 2020-2021
– $18.2 billion shortfall for 2021-2022
– $11 billion shortfall for 2022-2023
– $8 billion shortfall for 2023-2024

Projected revenues:

– $42.3 billion for 2020-2021
– $43.7 billion for 2021-2022
– $47.4 billion for 2022-2023
– $50.9 billion for 2023-2024

Projected expenses:

– $55.5 billion for 2020-2021 (including $5.8 billion for COVID-19 recovery)
– $57.3 billion for 2021-2022
– $57.1 billion for 2022-2023
– $58 billion for 2023-2024

Projected unemployment rates:

– 9.9% in 2021
– 8.4% in 2022
– 7.3% in 2023
– 6.3% in 2024

Projected West Texas Intermediate (WTI):

– $46 per barrel for 2021-2022
– $55 per barrel for 2022-2023
– $56.50 per barrel for 2023-2024

Infrastructure and capital projects:

– Additional $1.7 billion to capital plan for a three year total capital spend of $20.7 billion
– 41 new infrastructure projects province-wide, aim is to increase private-sector investment and projects that benefit communities and create employment
– Projected to generate 90,000 jobs over the next three years

Training:

– $900-million for skills development and job training in key economic sectors, with focus on economic diversification and new technologies

Health:

– $143-million over three years for new facilities and health care infrastructure
– $900-million boost to health spending (mostly aimed at reducing backlog of procedures due to COVID-19)
– $3.5 billion to community care, continuing care and home care
– $140-million over four years to increase mental health supports

Building Trades of Alberta encourages all members and Albertans to learn more about Budget 2021, here.

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