27 Nov 2018 03:43
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<p>Stephen Scott worked his means right into a plum engineering job with Cenovus Energy, but he is trying elsewhere to start once more after being laid off. His future will not seem like his previous. With an MBA and 20 years into knowledgeable engineer career, Scott's layoff was a shock. To date, he is managing — he nonetheless has his severance and his wife managed to get more hours at her work. Scott is making the most of his downtime to stroll his youngsters to high school and work across the house.</p>
<p>There are lots of people like Scott in Calgary proper now. With deepening layoffs within the oil and fuel business, more will join him. Some individuals are managing, others not so nicely. Economically Calgary has taken a hit. But there could possibly be an upside for businesses and people. ATB economist Todd Hirsch says the increase in unemployed, highly qualified oil and gas varieties who are hungry for work may very well end in a extra diversified financial system.</p>
<p>Hirsch knows there is a danger of sounding glib when attempting to take a optimistic spin on plummeting oil prices. However he says the place one trade contracts, others broaden. Hirsch thinks this downturn will completely change how Calgarians and the economy work. When oil is king, and Calgary booms, it distorts the labour force.</p>
<p>Wages are excessive, the labour pool tight and the prices of setting up a brand new company change into too huge. When oil drops, so do these pressures. Cameron Prockiw feels the weakening of those pressures. He is the founder and CEO of the digital advertising and marketing enterprise Vovia. Issues have modified — over the previous year he has hired seven new people and refocused the enterprise nearly completely on Alberta clients.</p>
<p>Proper now he has one position open, with 200 individuals vying for it. And since his clients aren't energy firms he hasn't felt the pinch. Like any enterprise on this metropolis, he is aware of the ripple effect of low oil might finally attain him. Lots of his clients are home builders they usually rely extra straight on oil and fuel wealth, which might spell trouble sooner or later.</p>
<p>BluEarth Renewables is another firm finding it easier to fill jobs in the midst of layoffs. Firm COO Kelly Matheson-King says they've employed 10 folks in the last six months. However Matheson-King is cautious not to suggest that her enterprise is feeding off the misfortunes of others. She says there's room for all types of power production in Calgary.</p>
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<p>Craig Alexander, a longtime economist now with the C.D. Howe Institute, says the recession is "broadly unfavourable" but that there are some positives. Alexander factors to the drop in gasoline prices as one silver lining. Another — first time homebuyers have a better time making that first purchase as house costs drop and foreclosures rise. In relation to the harder problem of diversifying the economy, Alexander calls it the "classic Alberta problem".</p>
<p>Diversification ought to occur when occasions are good and there's money flowing through the economy. But it's when the economy falters that the dialog is renewed. Alexander says this recession feels different than the one in the early '80s. 100 oil are like all these in grief. We go through levels.</p>
<p>Sadness over falling oil costs has passed. We're now within the anger stage — Hirsch says he is felt some of that directed his method — and only 2017 will bring acceptance. He refers to the economic decelerate in the United States in 2010. Unemployment rose to 10 per cent, so the federal government prolonged unemployment advantages to 99 weeks. It was solely after these benefits ran out that people went back to work, typically at decrease wages. Calgary at a Crossroads is CBC Calgary's particular concentrate on life in our city during the downturn. A take a look at Calgary's tradition, identity and what it means to be Calgarian. Read extra stories from the collection at Calgary at a Crossroads.</p>