What a story!
For 35 years, Business in Calgary has narrated the colourful stories and key business developments of our community. Trusted to understand and chronicle Calgary’s beating pulse – its businesses, communities and people – we are proud to be a part our city’s evolution.
Countless successful businesses in Alberta’s energy industry have been spotlighted, while also showcasing the breadth and depth of a diverse range of industries, including financial services, development and real estate, transportation and logistics, and Calgary’s increasingly notable tech sector. From there, the focus has pivoted to other key industries, such as manufacturing, agribusiness, aerospace, health and wellness, retail and tourism sectors, and more – the list is truly limitless.
Throughout it all, we’ve tracked the ambitious and resilient reinvention and transformation of our city. From Cowtown, C-Town, Heart of the New West, The Stampede City and YYC to the recent international recognition of Calgary as the most livable city in North America.
The business story that emerges from the pages is a Calgary Metropolitan Region that is now home to Canada’s second-largest number of corporate head offices, but it is the people story that really adds the colour to our magazine. The skilled, talented, experienced and forward-thinking individuals; our dedicated and passionate community leaders.
Our work would not be possible without the collaboration of exceptional community partners: BOMA Calgary, the Calgary Chamber, the Haskayne School of Business, Calgary Economic Development, Tourism Calgary, EO, the Business Council of Alberta, Junior Achievement, the Alberta Enterprise Group and Axis Connect. We share a dedication to making Calgary a better place to live and work with each of these partners.
Thirty-five years seems like a long time, though for us it has flown by. Following are some of the highlights.
The Early Years (1990-1999)
As with many local businesses, the upstart of Business in Calgary wasn’t always smooth sailing. On the contrary, 1990 to 1995 were marked with challenges, turbulence and rebounding.
*In 1990, Calgary was already an energy-driven economy with a population of 788,000. The benchmark price of a home was $131,865 (with a discouraging 13.25 per cent mortgage prime rate). The WTI price of oil was $24.53.
Despite the unforeseen broadsides to the Calgary economy, Business in Calgary was launched in 1990 by Prowest, a Regina-based ad agency. After only a few publications, they declared bankruptcy and as payment for services, ownership was transferred to Script the Writers Group, originally a tabloid newsprint publication.
While Script owned the title, they didn’t have the infrastructure to fully publish a magazine, so in 1991, they approached Consolidated Communications (where brothers Pat and Tim Ottmann were part owners) to sell the publication. The new ownership didn’t last long, resulting in the Ottmann brothers instigating a management buyout of Business in Calgary, and five other publications, under their new company OT Communications.
With four owners in the first two years of publication, Business in Calgary was finally set to garner the attention and commitment it needed to survive, and eventually thrive.
From 1993 forward, Business in Calgary found its place in our city as more companies committed their marketing budgets to the magazine. With a growing reputation for reliability and trust, the magazine grew substantially, averaging 128 pages per month in 1998.
By 1999, the magazine’scommitment to in-depth coverage of Calgary business reached full stride. Business in Calgary’s position within our city captured the attention and interest of the Calgary Herald.
Southam – a division of Conrad Black’s Hollinger Inc. (once the third-largest media empire in the world) – bought Business in Calgary as a complement to the Calgary Herald. In a corporate shakeup, Hollinger soon sold Southam to Winnipeg’s Canwest, becoming Business in Calgary’s sixth owner. However, the large multinational organization wasn’t able to maintain the uniquely Calgary focus, leading to the next pivotal chapter for the publication.
The Buyout and Reboot Years (2004-2015)
Almost five years later, OT Communications and the Ottmann brothers reacquired Business in Calgary. It took a bit of effort to clean up the magazine, reconnect with and re-establish relationships with the business community. In the May 2004 issue, the OT publishers declared: “It’s good to be back!” And a commitment to Calgary business resumed.
*In 2005, Calgary’s population was 1,056,000. The benchmark price of a single-family home was $260,000. The WTI price of oil was $56.64.
By early 2008, the magazine reinforced its respected, all-things-Calgary community and business focus with the launch of Leaders of Tomorrow, an annual awards program recognizing the city’s most influential business owners, leaders, innovators and community shapers. Eventually rebranded as Business in Calgary’s Leaders Awards, it remains a vital part of the magazine’s celebration of local business leaders and their successes.
The team at Business in Calgary continued its focus on serving the business community in the best way possible. Relationships were strengthened on all levels as the publication became an integral part of the city’s fabric. There were challenges, most notably the 2009 financial crisis that rocked the world, but due to a strong Alberta economy and support from the community, the duration was short.
Building on the positive impact of Business in Calgary, OT Communications launched its sister publication, Business in Edmonton (the two magazines continue to reach more than 80 per cent of Alberta businesses today). But then 2015 hit and oil plunged into the $40 range from a high of $108 the previous year.
*In 2014, Calgary’s population was more than 1,324,000. The benchmark price of a single-family home was $436,900, an 8.8 per cent increase from the year before. By 2015, Statistics Canada showed that Calgary had the largest number of millionaires per capita of any major Canadian city.
The Slump, the Pandemic and the Rebound Years (2015-2025)
Although oil prices slowly recovered in 2016, energy producers reduced capital spending and staffing, and conventional drilling activity slumped. Business in Calgary industry experts cautioned a quick turnaround was unlikely.
StatCan figures showed Alberta’s unemployment rate had increased to 7.4 per cent, the highest in 20 years, and for the first time in 13 years, Canada’s loonie fell below 70 cents U.S.
Throughout 2016, Business in Calgary featured Calgary-relevant stories: expert forecasts about the demand for fossil fuels; new technologies and emerging alternative energies; the importance of health and wellness in the workplace; and the homebuilding boom, which introduced new subdivisions and a reimagined downtown.
The recession pushed Calgary’s unemployment rate over 10 per cent, and left a third of downtown office space empty. But by 2017, most analysts and Calgary business leaders were confident the recession had bottomed out, while still cautioning the turnaround would be a marathon, not a sprint.
Oil spiked back above $60, more than double its lowest point in 2016. The Calgary economy was rebounding. In the pages of Business in Calgary, 2018 was a year of business hits and misses.
Calgary real estate development and the condo boom continued. Many businesses navigated the ripples from several contentious pipeline skirmishes and deep oil price discounts. But as always, Calgary adjusted, adapted and moved forward.
*The 2018 population of Calgary grew to more than 1,477,000. The benchmark single-family home price was $501,300. The WTI price of oil peaked above $75, but amid concerns about growing global production and rising inventory levels, plunged to $46 by the end of the year.
Business in Calgary reported on the Trans-Pacific Partnership trade deal, involving Canada and five other nations, and the Supreme Court ruling requiring bankrupt energy companies to clean up 4,000 defunct Alberta oil wells.
The in 2020, Calgary – and the rest of the world – was jolted by a sudden and staggering disruption: COVID-19. Entire segments of the economy were paralyzed. Thousands of businesses closed. More than 350,000 Alberta workers lost their jobs. Energy demand plunged. For Calgary businesses and their employees, working from home became the new normal and, for many employers and employees, the workplace was redefined.
All Calgary business was affected, in particular hospitality and tourism. Restaurants and retail suffered. For the first time in more than a century, the Stampede was cancelled. The $9-billion-a-year Alberta tourism industry, which generates almost 73,000 jobs, took a major hit.
By year’s end, the pandemic combined with the oil-price slump was a Calgary double whammy, and triggered the worst recession in Alberta history. The economy suffered an eight per cent contraction.
But Business in Calgary soldiered on. Though a few issues were thinner than normal, the hard-working team continued to publish throughout this tumultuous time, providing a sense of community, continuity and perseverance for our city.
By 2021, Business in Calgary stories were headlined by mostly good news, like the growth of the tech sector. There was challenges and speed bumps, including the death of Keystone XL, but the COVID fog was lifting. Calgary business flexed its grit and resilience.
*The 2021 population of Calgary was more than 1,581,000. A record year for Calgary real estate, with sales nearly 72 per cent higher than the previous year and more than 44 per cent higher than Calgary’s 10-year average. The price of oil was above $80, natural gas prices rallied, and drilling levels picked up.
By 2022, Calgary was underscored with the positivity of soaring energy prices and record oilpatch profits, although there was concern about creeping inflation and rate hikes from the Bank of Canada.
February 2023 Business in Calgary launched Business of Energy, a publication specifically for the energy industry. The distribution from Medicine hat to Fort McMurray offered companies to reach over 20,000 energy companies and suppliers.
Calgary’s population boom and the needed housing development were important stories into 2023. Job opportunities and relatively affordable housing was a magnet for newcomers from other provinces, especially Ontario and British Columbia, and from other countries around the world, which meant the city’s home construction industry was in overdrive. Satellite communities – Airdrie, Rocky View County, Cochrane, Chestermere and others – boomed and the downtown condo surge continued.
The growing population also created a tight supply and demand situation, sparking a Calgary real estate market trend of rising prices, very low inventory and soaring rents.
*The 2024 population of Calgary was 1.6 million, a six per cent increase from the year before and a 17.5 per cent increase in the last five years. The detached home benchmark price was $747,500, a 7.2 per cent year-to-year increase. The price of oil was $77.
For Calgarians, 2025 started with confusion. Concerns about the threat of U.S. tariffs has left Calgary at risk of being caught in the middle of a potential trade war between the U.S. and Canada. But through the clouds of impending tariffs and economic concerns, there still lies the positivity that makes our city unique. According to the Conference Board of Canada, “Calgary will lead the country in GDP growth in 2025.”
As we celebrate the 35th year of Business in Calgary, we offer our sincere thank you to the business community that has provided the backbone of our publication. We are honoured to be a part of this extraordinary community.
For 35 years now, the community has rallied around Business in Calgary to make it their own. A magazine doesn’t exist without the support of the community it serves … so, thank you Calgary. Your ongoing patronage has been amazing and we are honoured to have been part of our city’s growth and spirit. We live in a beautiful place, but it is the beating hearts of the business community that make it so special.
Looking back over the 35 years, we have seen a number of ups and downs. The always volatile price of the resources that drive our city. The financial crisis of 2008. The floods of 2013. Who would ever have imagined closing the downtown core for days and even months for some firms? Then, of course, COVID-19 struck, creating a virtual ghost town in our city. And today, watching with uncertainty the effects of the tariffs that will impact us all on some level.
I wouldn’t even pretend to predict the overall effects of the tariffs, but I am extremely confident our community will rise up, adjust, innovate and move on to great things. It is who we are.
Throughout our 35 years, we have featured 420 cover stories on some 800 Calgarians. There is, of course, nostalgia in this exercise, but we have always been looking ahead with each of these articles. So many of the people were in the beginning to midway point in their careers and went on to be amazing leaders.
A 43-year-old Stephen Harper was featured in May 2002, four years before he became the prime minister of Canada.
We spotlighted a 42-year-old Rick George who transformed the oilsands. What a difference he made to the face of Alberta and the wealth of our city, province and country.
A young Randy Remington had just purchased a gravel pit in 2005 when he appeared on our front cover. This is now Quarry Park, home to over 2,000 residents with commercial and retail components. A significant development in our city that took vison and skill.
The list goes on, but we have been so fortunate to share the stories of Calgarians who have changed our world. All to varying degrees, but all in some positive way.
When we featured many of these individuals, they were younger, with an incredible vision of what the future could be. Through their leadership, they literally changed the world. And these are the stories we share month after month. Searching for the entrepreneurs and leaders who have the vision and drive to not only succeed but also to make the world a better place for all.
In 2008, we embarked on the Business in Calgary Leaders Awards as a way to bring the community together and celebrate the success of our top business visionaries. It started as a luncheon at the Chamber with about 180 guests recognizing 20 individuals. As word spread and the community came to understand the importance of celebrating the success of our business leaders, the event grew. The beautiful, new BMO Centre hosted the 2024 Business in Calgary Leaders event, welcoming some 900 guests. Premier Danielle Smith was kind enough to join us to help celebrate these individuals.
Regardless of the ventures of Business in Calgary, it only works with the support of our community. So again, thank you Calgary. It has been quite a ride.
