Drive towards downtown Calgary from its impressive international airport and the foundations of the local economy are clear. “Be part of the energy,” says the city’s official welcome sign. “We love oil and gas,” screams a billboard.
But an over-reliance on oil has its downsides. In 2014, the price crashed. Investors shunned Canada’s grubby oil, while environmentalists laid siege to it, blocking pipeline projects in court. Calgary’s skyscrapers, erected during the oil boom, have North America’s highest commercial vacancy rate, at almost 30 per cent.
Now, though, new types of business are taking a chance on Alberta’s biggest city, drawn by low rents, low taxes and a strong talent pool. Some are among the fastest-growing companies in North America.