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A Conference Board of Canada report says total oil production losses totalled 47 million barrels, costing petroleum producers about $1.4 billion in foregone revenues. Looking back, the fire likely marked the bottom of Albertas punishing two-year recession, says Todd Hirsch, chief economist with ATB Financial. Statistics Canada reports 42,000 workers in Wood Buffalo lost a total of 7.6 million work hours inMay and June. Some 85 per cent of employees in the natural resources sector reported losingwork time. For most of the economic indicators, the summer of 2016 kicked off by the forest fires in May that really was the nadir the lowest point of the recession, says Hirsch. Its easy, however, to only focus on the losses and costs. Nothing speaks to the resiliency of the community and its entrepreneurs than the fact so many people returned and so many businesses reopened. Melissa Blake, mayor of the Wood Buffalo regional municipality, estimatesabout 73,500 people are living in Fort McMurray today, compared with 82,000 residents in the city (and the surrounding shadow population) before the catastrophe. Its not yet know how many companies went out of business due to the disaster, which came on the heels of the oil price collapse. When the wildfire occurred, it created a disruption that was difficult for our local businesses that were already adapting to a new environment, the mayor saidWednesday.

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