{"id":36112,"date":"2023-01-20T01:29:00","date_gmt":"2023-01-20T02:29:00","guid":{"rendered":"https:\/\/peymantaeidi.net\/stem-cell\/?p=36112"},"modified":"2023-01-20T02:42:21","modified_gmt":"2023-01-20T02:42:21","slug":"varcoe-alberta-economy-in-a-state-of-transition-as-layoffs-bump-up-against-labour-shortages","status":"publish","type":"post","link":"https:\/\/peymantaeidi.net\/stem-cell\/2023\/01\/20\/varcoe-alberta-economy-in-a-state-of-transition-as-layoffs-bump-up-against-labour-shortages\/","title":{"rendered":"Varcoe: Alberta economy in a &#039;state of transition&#039; as layoffs bump up against labour shortages"},"content":{"rendered":"<header aria-label=\"Beginning of Article\" class=\"article-header\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<h2 class=\"visually-hidden\">Breadcrumb Trail Links<\/h2>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\"> <a class=\"breadcrumbs__item-link\" href=\"https:\/\/calgaryherald.com\/category\/news\/politics\/\">Politics<\/a> <\/li>\n<li class=\"breadcrumbs__item\"> <a class=\"breadcrumbs__item-link\" href=\"https:\/\/calgaryherald.com\/category\/business\/local-business\/\">Local Business<\/a> <\/li>\n<li class=\"breadcrumbs__item\"> <a class=\"breadcrumbs__item-link\" href=\"https:\/\/calgaryherald.com\/category\/opinion\/columnists\/\">Columnists<\/a> <\/li>\n<li class=\"breadcrumbs__item\"> <a class=\"breadcrumbs__item-link\" href=\"https:\/\/calgaryherald.com\/category\/business\/\">Business<\/a> <\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\"> The transition means Alberta\u2019s economy will cool off from the &#8216;blistering pace&#8217; seen in 2022 that was fuelled by surging commodity prices, said Business Council of Alberta president Adam Legge <\/p>\n<\/p><\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\">       <img loading=\"lazy\" decoding=\"async\" alt=\"Benevity CEO Kelly Schmitt said economic conditions have changed drastically in the last nine months, and while the company has seen healthy year-over-year growth, it&#039;s &quot;overbuilt&quot; for current market conditions.\" class=\"featured-image__image type:primaryImage\" height=\"750\" src=\"https:\/\/peymantaeidi.net\/stem-cell\/wp-content\/uploads\/2023\/01\/benvity-hq_275246300.jpg\" width=\"1000\" \/><figcaption class=\"featured-image__caption image-caption\"> <span class=\"caption\">Benevity CEO Kelly Schmitt said economic conditions have changed drastically in the last nine months, and while the company has seen healthy year-over-year growth, it&#8217;s &#8220;overbuilt&#8221; for current market conditions.<\/span> <span class=\"distributor\">Handout\/Benevity<\/span> <\/figcaption><\/figure>\n<\/p><\/div>\n<\/header>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>The economic squall battering the Canadian tech sector landed squarely in Alberta this week with layoffs at one of the city\u2019s marquee software firms.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment4233650079497380737923864451874816\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment4233650079497380737923864451874816\">Advertisement 2<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__label\">\n<p> Story continues below <\/p>\n<\/p><\/div>\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250],[300,600]]\" data-aqa=\"advertisement\" id=\"ad-2\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">Benevity announced it will reduce its staff by 14 per cent, cutting <a data-evt=\"click\" data-evt-typ=\"click\" data-evt-val=\"{&quot;control_fields&quot;: {&quot;mparticle&quot;: {&quot;keys&quot;: {&quot;click_source_type&quot;: &quot;click_source_type&quot;, &quot;anchor_text&quot;: &quot;anchor_text&quot;, &quot;target_url&quot;: &quot;target_url&quot;, &quot;layout_section&quot;: &quot;layout_section&quot;}, &quot;mp_event_type&quot;: &quot;Navigation&quot;, &quot;extra_keys&quot;: [&quot;click_vertical_position_percentage&quot;, &quot;click_vertical_position_pixels&quot;]}}, &quot;click_source_type&quot;: &quot;in-page link&quot;, &quot;anchor_text&quot;: &quot;137 out of almost 1,000 jobs&quot;, &quot;target_url&quot;: &quot;https:\/\/calgaryherald.com\/business\/calgary-based-tech-company-benevity-announces-mass-layoffs&quot;, &quot;layout_section&quot;: &quot;in-page-link&quot;}\" href=\"https:\/\/calgaryherald.com\/business\/calgary-based-tech-company-benevity-announces-mass-layoffs\" rel=\"noopener noreferrer\" target=\"_blank\">137 out of almost 1,000 jobs<\/a> \u2014 the first major layoffs in the company\u2019s history \u2014 as its CEO cited a dramatic change in broader economic conditions.<\/p>\n<\/section>\n<div class=\"article-content__widget-group article-content__widget-group--content-slot6 article-content__widget-group--newsletter-slot\">\n<section aria-labelledby=\"CalgaryHeraldHeadlineNews4393835359438669871705252077502464\" class=\"newsletter-widget ch-headlinenews background--primary-light-gradient\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"CH_HeadlineNews\" data-widget=\"newsletter\"> <img loading=\"lazy\" decoding=\"async\" alt=\"Calgary Herald Headline News Banner\" class=\"newsletter-widget__banner\" height=\"60\" src=\"https:\/\/dcs-static.gprod.postmedia.digital\/12.7.1\/websites\/images\/newsletters\/CH_HeadlineNews.svg\" width=\"97\" \/> <\/p>\n<div class=\"newsletter-widget__body\">\n<p class=\"newsletter-widget__text\">Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.<\/p>\n<div class=\"js-replace-main\">  <small class=\"newsletter-widget__disclaimer text-size--micro\"> By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300 <\/small> <\/div>\n<div class=\"js-submit-success\" id=\"submitSuccessCH_HeadlineNews\">\n<h3 class=\"newsletter__feedback--heading\">Thanks for signing up!<\/h3>\n<p class=\"newsletter-widget__text\">A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text newsletter__feedback--last\">The next issue of Calgary Herald Headline News will soon be in your inbox.<\/p>\n<\/p><\/div>\n<p class=\"newsletter-widget__text js-submit-error\" id=\"submitErrorCH_HeadlineNews\"> We encountered an issue signing you up. Please try again <\/p>\n<\/p><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">The same day, the Calgary Construction Association sounded the alarm about an acute shortage of skilled staff for its sector. It estimates more than 3,000 construction jobs in the region are unfilled as demand for commercial buildings and <a data-evt=\"click\" data-evt-typ=\"click\" data-evt-val=\"{&quot;control_fields&quot;: {&quot;mparticle&quot;: {&quot;keys&quot;: {&quot;click_source_type&quot;: &quot;click_source_type&quot;, &quot;anchor_text&quot;: &quot;anchor_text&quot;, &quot;target_url&quot;: &quot;target_url&quot;, &quot;layout_section&quot;: &quot;layout_section&quot;}, &quot;mp_event_type&quot;: &quot;Navigation&quot;, &quot;extra_keys&quot;: [&quot;click_vertical_position_percentage&quot;, &quot;click_vertical_position_pixels&quot;]}}, &quot;click_source_type&quot;: &quot;in-page link&quot;, &quot;anchor_text&quot;: &quot;new homes&quot;, &quot;target_url&quot;: &quot;https:\/\/calgaryherald.com\/business\/local-business\/calgary-home-starts-record-year&quot;, &quot;layout_section&quot;: &quot;in-page-link&quot;}\" href=\"https:\/\/calgaryherald.com\/business\/local-business\/calgary-home-starts-record-year\" rel=\"noopener noreferrer\" target=\"_blank\">new homes<\/a> increases, even with rising interest rates and high inflation.<\/p>\n<p>\u201cAs we enter 2023, the Alberta economy is in a state of transition,\u201d the Business Council of Alberta declared in a new report issued Thursday.<\/p>\n<p>The transition means Alberta\u2019s economy will cool off from the \u201cblistering pace\u201d seen in 2022 that was fuelled by surging commodity prices, said council president Adam Legge.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment103065208911350401393712521281536\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment103065208911350401393712521281536\">Advertisement 3<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__label\">\n<p> Story continues below <\/p>\n<\/p><\/div>\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Major banks have projected the provincial economy expanded by more than five per cent last year. Some have forecast the country will enter a recession in 2023, although Alberta will likely grow by around two per cent.<\/p>\n<p>\u201cAlberta is best positioned to weather any downturn or recession globally or domestically in Canada, largely because we have so many of the things the world will continue to need,\u201d Legge said, pointing to energy and agricultural products.<\/p>\n<p>\u201cBut we won\u2019t be immune. No place is an island, and that includes Alberta.\u201d<\/p>\n<section aria-labelledby=\"moreTopicLabel4923081706863333282767923390185472\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">  <button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" title=\"previous\" type=\"button\"><\/button> <\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\">\n<li class=\"more-topic__item\" data-carousel-item=\"\"> <a href=\"https:\/\/calgaryherald.com\/business\/calgary-based-tech-company-benevity-announces-mass-layoffs\">  <img loading=\"lazy\" decoding=\"async\" alt=\"Benevity CEO Kelly Schmitt said economic conditions have changed drastically in the last nine months, and while the company has seen healthy year-over-year growth, it&#039;s\" class=\"lazyload\" data-src=\"https:\/\/peymantaeidi.net\/stem-cell\/wp-content\/uploads\/2023\/01\/benvity-hq_275246300-2.jpg\" height=\"96\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/calgaryherald\/wp-content\/uploads\/2023\/01\/benvity-hq_275246300.jpg?h=96&amp;strip=all&amp;quality=5\" width=\"96\" \/><br \/>\n<h3 class=\"more-topic__item-text\"> <span class=\"more-topic__item-text-clamp\"> Calgary-based tech company Benevity announces mass layoffs <\/span> <\/h3>\n<p> <\/a> <\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\"> <a href=\"https:\/\/calgaryherald.com\/business\/local-business\/calgary-home-starts-record-year\">  <img loading=\"lazy\" decoding=\"async\" alt=\"New construction going up near the Shaganappi golf course in Calgary on Tuesday, January 17, 2023.\" class=\"lazyload\" data-src=\"https:\/\/peymantaeidi.net\/stem-cell\/wp-content\/uploads\/2023\/01\/NewConstruction010-copy.jpg\" height=\"96\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/calgaryherald\/wp-content\/uploads\/2023\/01\/NewConstruction010-copy.jpg?h=96&amp;strip=all&amp;quality=5\" width=\"96\" \/><br \/>\n<h3 class=\"more-topic__item-text\"> <span class=\"more-topic__item-text-clamp\"> A record year: Calgary finishes 2022 with more than 17,000 home starts <\/span> <\/h3>\n<p> <\/a> <\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\"> <a href=\"https:\/\/calgaryherald.com\/opinion\/columnists\/varcoe-summit-nanotech-funding-accelerating-growth-calgary-cleantech-sector\">  <img loading=\"lazy\" decoding=\"async\" alt=\"Summit Nanotech CEO Amanda Hall was photographed at the company\u2019s Calgary offices on Tuesday, January 17, 2023.\" class=\"lazyload\" data-src=\"https:\/\/peymantaeidi.net\/stem-cell\/wp-content\/uploads\/2023\/01\/CAL-011723-gya-1-copy-2.jpg\" height=\"96\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/calgaryherald\/wp-content\/uploads\/2023\/01\/CAL-011723-gya-1-copy.jpg?h=96&amp;strip=all&amp;quality=5\" width=\"96\" \/><br \/>\n<h3 class=\"more-topic__item-text\"> <span class=\"more-topic__item-text-clamp\"> Varcoe: Summit Nanotech lands $67M in funding, accelerating growth in Calgary&#8217;s flourishing cleantech sector <\/span> <\/h3>\n<p> <\/a> <\/li>\n<\/ol>\n<p> <button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" title=\"next\" type=\"button\"><\/button> <\/section>\n<p data-async=\"\">The report noted the labour market is stronger than it has been in years \u2014 the jobless rate stood at <a data-evt=\"click\" data-evt-typ=\"click\" data-evt-val=\"{&quot;control_fields&quot;: {&quot;mparticle&quot;: {&quot;keys&quot;: {&quot;click_source_type&quot;: &quot;click_source_type&quot;, &quot;anchor_text&quot;: &quot;anchor_text&quot;, &quot;target_url&quot;: &quot;target_url&quot;, &quot;layout_section&quot;: &quot;layout_section&quot;}, &quot;mp_event_type&quot;: &quot;Navigation&quot;, &quot;extra_keys&quot;: [&quot;click_vertical_position_percentage&quot;, &quot;click_vertical_position_pixels&quot;]}}, &quot;click_source_type&quot;: &quot;in-page link&quot;, &quot;anchor_text&quot;: &quot;5.8 per cent&quot;, &quot;target_url&quot;: &quot;https:\/\/calgaryherald.com\/news\/local-news\/alberta-unemployment-jumps-to-5-8-in-november-hitting-hospitality-and-construction&quot;, &quot;layout_section&quot;: &quot;in-page-link&quot;}\" href=\"https:\/\/calgaryherald.com\/news\/local-news\/alberta-unemployment-jumps-to-5-8-in-november-hitting-hospitality-and-construction\" rel=\"noopener noreferrer\" target=\"_blank\">5.8 per cent<\/a> in December \u2014 and the recent gap between the provincial and Canadian unemployment levels narrowed over the second half of 2022.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment2699878260936678545073890442346496\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment2699878260936678545073890442346496\">Advertisement 4<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__label\">\n<p> Story continues below <\/p>\n<\/p><\/div>\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>There are around 100,000 open positions in the province and about 145,000 people looking for work. Although wage growth has been slow, it\u2019s likely to accelerate, according to the council\u2019s economic update.<\/p>\n<p>\u201cAlberta\u2019s labour market is the hottest it\u2019s been in years,\u201d it states.<\/p>\n<p>About six in 10 businesses plan on adding staff (according to a survey in November), but with a labour crunch, they will need to attract workers away from existing jobs, the report said.<\/p>\n<p>Staffing shortages are affecting many businesses in industries including hospitality, professional services, and manufacturing. It\u2019s also a challenge for the construction sector as the existing workforce ages and not enough younger people are entering the trades.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment8705249148725226579931900892151808\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment8705249148725226579931900892151808\">Advertisement 5<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__label\">\n<p> Story continues below <\/p>\n<\/p><\/div>\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-5\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Companies on the front lines are scouring for skilled employees such as framers and electricians.<\/p>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\">       <img loading=\"lazy\" decoding=\"async\" alt=\"New condo construction in Seton was photographed on Tuesday, January 17, 2023.\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/peymantaeidi.net\/stem-cell\/wp-content\/uploads\/2023\/01\/0117-seton1-copy.jpg\" data-srcset=\"https:\/\/peymantaeidi.net\/stem-cell\/wp-content\/uploads\/2023\/01\/0117-seton1-copy.jpg,                 https:\/\/peymantaeidi.net\/stem-cell\/wp-content\/uploads\/2023\/01\/0117-seton1-copy-1.jpg 2x\" height=\"750\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/calgaryherald\/wp-content\/uploads\/2023\/01\/0117-seton1-copy.jpg?quality=5&amp;strip=all&amp;w=100\" width=\"1000\" \/><figcaption class=\"image-caption\"> <span class=\"caption\"> New condo construction in Seton was photographed on Tuesday, January 17, 2023.<\/span> <span class=\"distributor\">Azin Ghaffari\/Postmedia<\/span> <\/figcaption><\/figure>\n<p>Scott White, CEO of Western Electrical Management in Calgary, said as commercial construction increased over the past year, its staffing has increased by 40 per cent.<\/p>\n<p>Large developments in the province are moving ahead, such as the company\u2019s work on the convention centre expansion in Calgary, and construction in the city\u2019s downtown has picked up.<\/p>\n<p>\u201cSince April, we\u2019ve probably hired 140 guys and it\u2019s been very difficult finding people,\u201d White said.<\/p>\n<p>\u201cThere are a lot of things coming down the pipe and, to be honest, I\u2019m not sure where they are going to find all the people.\u201d<\/p>\n<p>Other areas of the economy will be affected by a broader slowdown and the squeeze coming from rising interest rates.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment3679748381047968856097684631584768\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment3679748381047968856097684631584768\">Advertisement 6<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__label\">\n<p> Story continues below <\/p>\n<\/p><\/div>\n<div class=\"ad__inner\" id=\"ad__inner-6\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"6\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-6\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p><a href=\"https:\/\/peymantaeidi.net\/stem-cell\/wp-content\/uploads\/2023\/01\/0120-Alberta-labour.png\"><img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"alignnone wp-image-2032091\" height=\"564\" src=\"https:\/\/peymantaeidi.net\/stem-cell\/wp-content\/uploads\/2023\/01\/0120-Alberta-labour.png\" width=\"480\" \/><\/a><\/p>\n<p>One sector already facing challenges across North America is the technology industry, with large-scale layoffs announced at giants such as Microsoft and Amazon, while Canadian firms such as Hootsuite, Clearco, Lightspeed Commerce and Clutch have cut staff.<\/p>\n<p>Nic Beique, CEO of Calgary-based online payment firm Helcim, said the startup is still growing but has slowed some of its hiring plans for the year \u2014 it has about 150 staff \u2014 and noted the industry is growing more cautious given the economic uncertainty.<\/p>\n<p>\u201cWe\u2019re just preparing ourselves that we might see a slowdown; we\u2019re not seeing it yet in the numbers,\u201d he said. \u201cPrudence is the word of 2023 when it comes to tech.\u201d<\/p>\n<p data-async=\"\">This past week also saw Calgary-based cleantech firm Summit Nanotech <a data-evt=\"click\" data-evt-typ=\"click\" data-evt-val=\"{&quot;control_fields&quot;: {&quot;mparticle&quot;: {&quot;keys&quot;: {&quot;click_source_type&quot;: &quot;click_source_type&quot;, &quot;anchor_text&quot;: &quot;anchor_text&quot;, &quot;target_url&quot;: &quot;target_url&quot;, &quot;layout_section&quot;: &quot;layout_section&quot;}, &quot;mp_event_type&quot;: &quot;Navigation&quot;, &quot;extra_keys&quot;: [&quot;click_vertical_position_percentage&quot;, &quot;click_vertical_position_pixels&quot;]}}, &quot;click_source_type&quot;: &quot;in-page link&quot;, &quot;anchor_text&quot;: &quot;close a $67-million fundraising round&quot;, &quot;target_url&quot;: &quot;https:\/\/calgaryherald.com\/opinion\/columnists\/varcoe-summit-nanotech-funding-accelerating-growth-calgary-cleantech-sector&quot;, &quot;layout_section&quot;: &quot;in-page-link&quot;}\" href=\"https:\/\/calgaryherald.com\/opinion\/columnists\/varcoe-summit-nanotech-funding-accelerating-growth-calgary-cleantech-sector\" rel=\"noopener noreferrer\" target=\"_blank\">close a $67-million fundraising round<\/a> as it grows its workforce and expands its business to extract lithium from brine.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment872054738859564487283161509658624\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment872054738859564487283161509658624\">Advertisement 7<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__label\">\n<p> Story continues below <\/p>\n<\/p><\/div>\n<div class=\"ad__inner\" id=\"ad__inner-7\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"7\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-7\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\">       <img loading=\"lazy\" decoding=\"async\" alt=\"Summit Nanotech CEO Amanda Hall was photographed at the company\u2019s Calgary offices on Tuesday, January 17, 2023.\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/peymantaeidi.net\/stem-cell\/wp-content\/uploads\/2023\/01\/CAL-011723-gya-1-copy-5.jpg\" data-srcset=\"https:\/\/peymantaeidi.net\/stem-cell\/wp-content\/uploads\/2023\/01\/CAL-011723-gya-1-copy-5.jpg,                 https:\/\/peymantaeidi.net\/stem-cell\/wp-content\/uploads\/2023\/01\/CAL-011723-gya-1-copy-6.jpg 2x\" height=\"750\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/calgaryherald\/wp-content\/uploads\/2023\/01\/CAL-011723-gya-1-copy.jpg?quality=5&amp;strip=all&amp;w=100\" width=\"1000\" \/><figcaption class=\"image-caption\"> <span class=\"caption\"> Summit Nanotech CEO Amanda Hall was photographed at the company\u2019s Calgary offices on Tuesday, January 17, 2023.<\/span> <span class=\"distributor\">Gavin Young\/Postmedia<\/span> <\/figcaption><\/figure>\n<p data-async=\"\">Benevity, one of the city\u2019s first startups to <a data-evt=\"click\" data-evt-typ=\"click\" data-evt-val=\"{&quot;control_fields&quot;: {&quot;mparticle&quot;: {&quot;keys&quot;: {&quot;click_source_type&quot;: &quot;click_source_type&quot;, &quot;anchor_text&quot;: &quot;anchor_text&quot;, &quot;target_url&quot;: &quot;target_url&quot;, &quot;layout_section&quot;: &quot;layout_section&quot;}, &quot;mp_event_type&quot;: &quot;Navigation&quot;, &quot;extra_keys&quot;: [&quot;click_vertical_position_percentage&quot;, &quot;click_vertical_position_pixels&quot;]}}, &quot;click_source_type&quot;: &quot;in-page link&quot;, &quot;anchor_text&quot;: &quot;gain a billion-dollar valuation&quot;, &quot;target_url&quot;: &quot;https:\/\/calgaryherald.com\/business\/local-business\/another-calgary-unicorn-as-tech-firm-benevity-sells-majority-stake-for-1-1b&quot;, &quot;layout_section&quot;: &quot;in-page-link&quot;}\" href=\"https:\/\/calgaryherald.com\/business\/local-business\/another-calgary-unicorn-as-tech-firm-benevity-sells-majority-stake-for-1-1b\" rel=\"noopener noreferrer\" target=\"_blank\">gain a billion-dollar valuation<\/a>, has been a Calgary tech-sector leader, providing customers such as Visa and UPS with employee-engagement software, which enables workplace giving programs and employee volunteering.<\/p>\n<p>The Calgary-based firm, founded in 2008, had 989 employees before this week\u2019s announcement, including 527 in the city.<\/p>\n<p>\u201cAll parts of the organization have been impacted, not just those within our Calgary office,\u201d CEO Kelly Schmitt said Thursday in a statement.<\/p>\n<p>\u201cMany companies are tightening budgets in response to the macro-economic environment, but we believe the longer-term appetite for companies to make a social impact is still strong.\u201d<\/p>\n<p>However, its announcement is another signal of the turbulence ahead.<\/p>\n<p>Jim Gibson, a veteran of Calgary\u2019s tech sector<span> and now <\/span>chief catalyst at the Southern Alberta Institute of Technology (SAIT), said organizations across the industry are responding to investor pressure and shifting away from the \u201cgrowth-at-all cost\u201d mantra.<\/p>\n<p>\u201cIt is part of a shift that\u2019s happening across the world and Calgary is not immune to it,\u201d he said.<\/p>\n<p>\u201cWe will feel it, but . . . we weren\u2019t overbuilt, so we won\u2019t see the same level.\u201d<\/p>\n<p><em>Chris Varcoe is a Calgary Herald columnist.<\/em><\/p>\n<p data-async=\"\"><a data-evt=\"click\" data-evt-typ=\"click\" data-evt-val=\"{&quot;control_fields&quot;: {&quot;mparticle&quot;: {&quot;keys&quot;: {&quot;click_source_type&quot;: &quot;click_source_type&quot;, &quot;anchor_text&quot;: &quot;anchor_text&quot;, &quot;layout_section&quot;: &quot;layout_section&quot;}, &quot;mp_event_type&quot;: &quot;Navigation&quot;, &quot;extra_keys&quot;: [&quot;click_vertical_position_percentage&quot;, &quot;click_vertical_position_pixels&quot;]}}, &quot;click_source_type&quot;: &quot;in-page link&quot;, &quot;anchor_text&quot;: &quot;cvarcoe@postmedia.com&quot;, &quot;layout_section&quot;: &quot;in-page-link&quot;}\" href=\"mailto:cvarcoe@postmedia.com\">cvarcoe@postmedia.com<\/a><\/p>\n<\/section>\n<section 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