Cowtown is Wowtown!

A report recently released gave Calgary a top-of-the-class grade on a global scorecard for overall economic prosperity. The city was the lone metropolis in a survey of international commerce heavyweights to earn an A grade in the Calgary Economic Development-commissioned Conference Board of Canada report. And its longtime northern nemesis wasn't far behind, with Edmonton ringing in third and Dallas sandwiched at second between Alberta's two major centres in the 23-city ranking.

Such results aren't surprising for a city that accounts for 5% of national gross domestic product, despite a local economy cooled by the recession, said Mayor Dave Bronconnier. "Calgary was seen, on the economic stage, as the economic engine of Canada (in 2008)," said Bronconnier, calling last year's GDP growth "astonishing."

Low tax rates, affordability and high incomes weighed heavily in the stellar grade, said CED president and CEO Bruce Graham. "Calgary's impressive standing in this report is a direct result of our continued collective investment in our community and its businesses," he said. The report noted Calgary's 3.2% unemployment rate was comfortably ahead of second-place Hong Kong, while it still resided in the top half of the pack in terms of residential building activity.

"The Calgary of the future must aspire to be a global business centre," said Graham.