Economy
Fort McMurray is considered the heart of one of Alberta's (and Canada's) major hubs of oil production, located near the Athabasca Oil Sands. Besides the oil sands, the economy also relies on natural gas and oil pipelines, forestry and tourism. Oil sand companies include Syncrude, Suncor Energy, CNRL, Shell, and Nexen.
Fort McMurray's growth is characteristic of a boomtown. Housing prices and rents are far higher in Fort McMurray than one would expect in such a remote area. In 2006, Fort McMurray had the highest prices in Alberta. The Alberta government has promised to release more Crown land for residential construction, particularly in Timberlea on the north side.
Read more about this topic: Fort McMurray
Famous quotes containing the word economy:
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)