Statistics and Economic Profile

Red Deer is a great place to live and to do business. Located in a prime location between Calgary and Edmonton and next to one of the busiest transportation corridors in North America provides for a diverse and resilient economy. Red Deer has numerous opportunities for business development, whether you are looking for industrial or commercial space there is something that will suit every need. Here's why you will want to make Red Deer your personal and business home.

Population

A population of 100,418 (2016 Federal Census Results, February 8, 2017) makes Red Deer the third largest city in Alberta and sixth largest in Western Canada.  In an economic study, The City prepared a low, medium and high-growth scenario for population projections. At a medium annual growth rate of 2.23 per cent, Red Deer can expect to grow to 128,420 by 2020, and reach 175,000 by 2041. This study illustrates a need for more residential development as well as commercial development to support the growing population. 

 

Employment Growth

Given that the medium-growth scenario is most likely, the following projections are based on this scenario. Over the next 30 years, Red Deer's working-age population will nearly double from 66,237 to over 112,000 workers. Of course, the populations of under 15 and over 65 will steadily increase as well. The share of the working-age cohort (15-64 years) is expected to decline from 71 per cent in 2011 to 64 per cent in 2041, despite the doubling of workers. Red Deer boasts a strong labour force with over 54 per cent possessing a post secondary certificate, diploma or degree. This educated labour force, which is constantly being replenished by Red Deer College, provides a strong local hiring pool for any business to draw from. With close to 5,000 businesses operating in many industries in the city and many more operating in Red Deer County, Red Deer's economy is diverse and resilient to the booms and busts of the rest of the province.         

Median Household Income

On average, Red Deer families make $93,098 a year, after tax. This is just above the provincial average of $92,300. The average house price (3 bedroom) in Red Deer is $349,900 which makes Red Deer a very affordable place to make your home compared to the provincial average of $395,694.

The following numbers are from Statistics Canada's 2010 National Household Survey.  

All Economic Families Median After-Tax Income
Red Deer $75,553
Edmonton $77,447
Grande Prairie $84,421
Calgary $83,669
Lethbridge $67,934
Alberta $80,271
Canada $67,044