Many individuals from across the Globe look to Alberta’s Northern economic hub Fort Mcmurray as a land of opportunity.
These days, Fort McMurray and it’s residents along with those looking to Fort McMurray for a quick buck are learning the hard way that there is no such thing as simply going back to normal after a lucrative oil boom that got cut short by the collapse in crude prices.
With this drop, large companies have put a hold on costly new oil sands projects and laid off tens of thousands of temporary workers who composed a significant portion of the city's population during the 15-year oil boom, but also bankrolled much of its prosperity.
That being said, Fort McMurray still has plenty to offer.
Fort McMurray is set amidst forests and four rivers. It has a magnificent view of lush greenery and bodies of water. It is a multicultural community with an ever increasing population made up of Canadians and foreign immigrants.
As for its climate, Fort McMurray is known for very cold long winters, which last for 8 months, and fairly hot short summers.
Fort McMurray has public school and catholic school districts for students in the primary, elementary, and secondary education levels. It has colleges and universities as well.
Fort McMurray additionally has many hospitals and medical clinics. Not to mention recreation centers like parks, museums, golf courses, art galleries, and many more.
Indeed, the economy of a place is very important. Economy affects people's lives on a daily basis. Job security and prices of consumer goods, real estate, and many others depend on the economy.
If a place's economy is down, prices of everything usually go up. And job opportunities are down. Therefore, if you are a resident or a would-be resident of Fort McMurray who is interested in seeking employment, understanding it’s economic conditions is very important.
In the previous decade, Fort McMurray experienced its biggest economic growth as it saw a tremendous growth in its oil sands industry. It became a boomtown as its oil sands companies created thousands of job opportunities.
In fact, Fort McMurray was also known as Fort McMoney. Oil sands employees are known to receive hefty salaries.
Although the cost of living in Fort McMurray was considered high, thousands of Albertans and foreigners were being attracted by its tremendous economic growth.
Present and future
Countries across the globe were affected when the economic recession began. Fort McMurray was no exception. But the good news is that according to economists, Fort McMurray is handling the recession a lot better than the rest of Canada.
Unemployment rate is only at 3.6%. Although the economy is not growing as fast as it did years before the recession, there is still growth. There are still many job opportunities in Fort McMurray.
Oil, being a pricey and high-demand commodity, has put Fort McMurray in a very stable economy. There can be ups and downs but Fort McMurray has proven its ability to weather a recession.