Between 2014 and 2019, Calgary saw the departure of nine head offices and 3,600 head office jobs, according to Statistics Canada. The number of head office jobs in Alberta fell by almost 5,500 positions while it rose by almost 2,800 positions in the rest of the country.
“(Head offices are) the rock in the pond, it ripples out,” said Rob Roach, deputy chief economist at ATB Financial.
An ATB analysis showed there were 9,500 fewer active businesses with at least one employee other than the owner in Alberta in January 2020 than there were in January 2015, a drop of 8.2 per cent, and the largest percentage drop was in oil and gas, down 24.8 per cent or more than 1,100 businesses.
According to TMX Group, operator of the Toronto Stock Exchange, the number of listed oil and gas issuers with Canadian headquarters fell to 132 at the end of 2020 from 286 at the end of 2015, with the biggest drop on the venture exchange, from 199 to 77.