Why Calgary may be starting to climb back from the agonizing recession

Three years ago today, oil traded at nearly $107 US a barrel. Things were looking pretty bright in Calgary that summer day. The city was rebuilding from the flood the year before, the job market was tight, salaries high, the real estate market was busy and prices buoyant.

However, by the end of the market day, oil had lost a little more than a dollar, beginning the brutal climbdown that pushed Alberta into an agonizing recession.

Now, with oil still struggling to top $50 a barrel, Calgary is a different city, one just starting to recover from years of recession.

"When you look at downtown Calgary, that sense of electricity in the air that's always been there, it's still there, but it's a bit duller now," said Calgary's Mayor Naheed Nenshi, in an interview with CBC News.

Read the full story at cbc.ca.

Victoria Krisman is Interactive Media Specialist for the Intelligent Community Forum.
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