Edmonton is the major economic centre for northern and central Alberta and a major centre for the oil and gas industry. In its autumn 2007 Metropolitan Outlook, the Conference Board of Canada forecast that Edmonton's GDP for 2007 will be $44.1-billion (2007 dollars), a 3.6% increase over 2006. The Edmonton Economic Development Corporation estimated that as of January 2005, the total value of major projects under construction in northern Alberta was $81.5-billion, with $18.2-billion occurring within Greater Edmonton.
Edmonton traditionally has been a hub for Albertan petrochemical industries, earning it the nickname "Oil Capital of Canada" in the 1940s. Supply and service industries drive the energy extraction engine, while research develops new technologies and supports expanded value-added processing of Alberta's massive oil, gas, and oil sands reserves. These are reported to be the second-largest in the world, after Saudi Arabia.
Despite the apparent focus on oil and gas, Edmonton's economy is one of the most diverse in Canada. Major industrial sectors include a strong technology sector anchored by major employers such as IBM, Telus, Intuit Canada, Canadian Western Bank, BioWare, Matrikon, General Electric, and Stantec Inc. The associated biotech sector, with companies such as Afexa Life Sciences Inc. (formerly CV Technologies).
Much of the growth in technology sectors is due to Edmonton's reputation as one of Canada’s premier research and education centres. Research initiatives are anchored by educational institutions such as the University of Alberta as well as government initiatives underway at the Alberta Research Council and Edmonton Research Park. Recently, the National Institute for Nanotechnology was constructed on the University of Alberta campus.
During the 1970s and 1980s, Edmonton started to become a major financial centre, with both regional offices of Canada's major banks and locally based institutions opening. However,
