Edmonton is proud of being the fastest growing economy among the large Canadian cities. It also has the fourth-highest GDP of all Canadian cities. Since 96% of Canada’s oil reserves are in Alberta, Edmonton’s economy naturally focuses on the petrochemical industries. Oil supply and services, research and developing of new technologies ensure Edmonton’s prosperity even during global economic storms.
The city also experiences growth in the technology and biotech sectors. There is a strong presence of major employers like IBM, General Electric, BioWare, Telus and Afexa Life Sciences Inc. and others. Technology and biotech sectors are closely tied to Edmonton’s research and education centres. Leaders in research are University of Alberta, Alberta Innovates – Technology Futures and the National Institute for Nanotechnology.