Calgary’s heavy dependence on energy made the recession and its accompanying collapse in energy prices, particularly hard on this region. However, now that economic activity has begun to revive, and commodity prices have stabilized and rebounded from previous lows, Calgary is in a process of recovery. As strong population growth and other demographic trends continue to favor the metropolitan area, the region’s housing market has bounced back. Capital expenditures in the energy industry are forecast to rise over the next year, boosting the region in its recovery, which is expected to continue steadily into 2011.