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Stephen Scott labored his means into a plum engineering job with Cenovus Vitality, however he is wanting elsewhere to begin once more after being laid off. His future will not seem like his previous. With an MBA and 20 years into a professional engineer profession, Scott's layoff was a shock. To this point, he's managing — he nonetheless has his severance and his wife managed to get extra hours at her work. Scott is benefiting from his downtime to walk his kids to high school and work across the house.

There are a lot of people like Scott in Calgary proper now. With deepening layoffs in the oil and gas trade, extra will be a part of him. Some persons are managing, others not so effectively. Economically Calgary has taken a success. But there could be an upside for businesses and individuals. ATB economist Todd Hirsch says the increase in unemployed, extremely certified oil and gas varieties who are hungry for work may actually lead to a extra diversified economic system.

Hirsch knows there's a hazard of sounding glib when making an attempt to take a constructive spin on plummeting oil prices. But he says the place one trade contracts, others broaden. Hirsch thinks this downturn will permanently change how Calgarians and the economy work. When oil is king, and Calgary booms, it distorts the labour force.

Wages are high, the labour pool tight and the costs of setting up a new firm turn into too massive. When oil drops, so do these pressures. Cameron Prockiw feels the weakening of those pressures. He's the founder and CEO of the digital advertising enterprise Vovia. Things have changed — over the past 12 months he has employed seven new individuals and refocused the enterprise nearly solely on Alberta purchasers.

Right now he has one place open, with 200 individuals vying for it. And because his purchasers aren't power firms he hasn't felt the pinch. Like several business in this city, he is aware of the ripple impact of low oil could eventually reach him. A lot of his purchasers are home builders they usually rely extra directly on oil and gas wealth, which may spell trouble in the future.

BluEarth Renewables is another firm finding it easier to fill jobs in the midst of layoffs. Company COO Kelly Matheson-King says they've employed 10 folks in the final six months. However Matheson-King is careful not to counsel that her enterprise is feeding off the misfortunes of others. She says there's room for all sorts of power production in Calgary.

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Craig Alexander, a longtime economist now with the C.D. Howe Institute, says the recession is "broadly negative" however that there are some positives. Alexander factors to the drop in gasoline prices as one silver lining. One other — first time homebuyers have an easier time making that first buy as house prices drop and foreclosures rise. In terms of the tougher challenge of diversifying the economic system, Alexander calls it the "traditional Alberta drawback".

Diversification should occur when instances are good and there's money flowing by means of the economic system. However it's when the economic system falters that the dialog is renewed. Alexander says this recession feels totally different than the one within the early '80s. One hundred oil are like all those in grief. We go through stages.

Sadness over falling oil prices has handed. We're now in the anger stage — Hirsch says he's felt some of that directed his approach — and solely 2017 will bring acceptance. He refers to the economic slow down within the United States in 2010. Unemployment rose to 10 per cent, so the federal government prolonged unemployment benefits to ninety nine weeks. It was solely after these advantages ran out that people went again to work, usually at lower wages. Calgary at a Crossroads is CBC Calgary's particular focus on life in our city through the downturn. A have a look at Calgary's tradition, id and what it means to be Calgarian. Read more tales from the series at Calgary at a Crossroads.