Alberta has been a two year recession but things are looking up for 2017. Economists are predicting a slow growth for the Alberta economy.

Projections are showing growth for Alberta’s economy in 2017.

After two years of recession, economists are predicting a rebound for next year.

ATB Financials chief economist, Todd Hirsch, forecasts some modest growth but sees oil prices staying lower than most would like.

“I see them remaining pretty flat around $50 to $55 a barrel, kind of the range they are at right now,” Hirsch says.

Oil may be Alberta’s biggest source of income but due to the recession prices have fallen to below $40 a barrel during the year, the lowest level since early 2009.

The other sources of revenue for Alberta have been more successful according to Hirsch.

Agriculture, forestry and tourism have done quite well this year and the projections show for some progression for next year as well.

Though they aren’t as big as the oil market, Hirsch believes they have seen some growth due to the low oil prices.

Another market that has potential for success in Alberta is the high tech sectors such as tech development and manufacturing.

“I think there will be some spillover from B.C, we have a skilled labour force and a ton of office space!” Hirsch says.

While we have to wait and see if Alberta does eventually move into the tech business, people are still relying on oil.

According to Stats Canada, approximately 133,053 people were employed in Alberta’s upstream energy sector, which includes oil sands, conventional oil, gas and mining in 2014.

Doug Lapointe is a pipe fitter living up in northern Alberta and he says oil plays a big factor into how hectic his work schedule is.

“When the oil slows down, we slow down too,” Lapointe says.

Oil is currently on a slow upswing and he says the work too has begun to pick up after a slow few months.

Not everyone though was affected negatively by the recession.

James Carter who is the Regional Vice President of Primerica says due to the economy slump, his business has picked up.

“It has created more opportunity because people are struggling and they need help, it has been double than the previous year,” Carter says about how he has personally been affected.

The end of the year projections still shows a decline until early 2017, where the tides should begin to turn.

According to BMO Financial Group, Alberta’s economy is expected to have fallen by another 2.3 per cent by the end of this year, following a decline of four per cent in 2015.

The next calendar year could be a big one for Alberta as they hope to see a turnaround from the last two years.