'Celebrating the next 100 years': High hopes for 2024 Calgary Stampede canvas auction

The Calgary Stampede canvas auction marks the official countdown to the largest outdoor show in the land, often considered a barometer for the city's economic outlook.

Thursday's auction is scheduled to take place at 7pm at the Big Four home, where more than six bidders have signed up to stake their claim as tarp sponsors.

“Last year we celebrated 100 years of chuckwagon racing, and this year we're celebrating the next 100 years,” said Christina Barnes, Calgary Stampede Agriculture and Western Events Manager.

“We have a very strong group of participants tonight. It's a very diverse group of companies – from technology, construction, technology, oil and gas, of course… We expect to see very good economic results.”

Last year, a total of 27 participating chuckwagon drivers and their respective teams raised $2.75 million in the world famous Cowboys Rangeland Derby.

Applications for 2023 range from $50,000 to $170,000.

Two of the top three applications came from First Nations groups (Grey Eagle Casino and O'Chiese Business and Investment Centre).

In 2022, the total was $2,105,000, representing an increase in funds of $645,000.

“Right now, 77.3 percent of businesses are optimistic, which is incredibly high and well above the national average,” said Ruhi Ismail-Teja, vice-president of policy and external affairs for the Calgary Chamber of Commerce.

“We look a lot at how businesses are doing, specifically how big the organizations are. There are businesses in the city that have over 100 employees, so the biggest businesses, 95 percent of them, have access to the capital they need, and it's like the Stampede auction for us. shows that they have a reasonable amount of money in their pockets to support things.”

Historically, Calgary has paid a lot of attention to oil prices, and when those prices are higher, they coincide with higher bids at canvas auctions.

According to Ismail-Teja, a number of other industries are developing in the city.

“We're looking at hospitality and tourism in particular – about 86 percent of these businesses are seeing higher revenue than a year ago,” he said.

“So that's good news, but when we look at the businesses in the different sectors that support the Stampede auction, they also have higher revenues.”

Anupam Das, professor of economics at Mount Royal University, said growth in various sectors is positive, but there are still concerns.

“At the same time, we will learn more through this auction because there is a little bit of caution about the likely future of inflation,” he said.

“So it might make people be a little more careful before they spend.

“There's not necessarily a correlation (that) with the amount of money that people spend on this event and the economy of the city, but what we're seeing here is I think it's going to give us good results.” an indicator of what the near-future forecast of our economy will be.”

Chukwagon drivers are happy to participate in the big auction

It's safe to say that Dayton Sutherland has chuckwagon racing in his blood, marking the third generation of his family's legacy at the track.

The future 26-year-old will make his debut with the Calgary Stampede in 2024 and has been looking forward to this big event his whole life.

“It's everything. It's not just for our tarp, of course, which is what I'm most involved with as a host, but you know, even the shows go on,” he said.

“You're looking at companies' raw materials, you know, advertising, dollars… I think if it's strong sales, I think that's usually a good indicator that people are willing to spend money at least at some point. the corporate level in the economy”.

According to driver Chance Bensmiller, the event will allow many competitors to continue their season.

“It's a big stepping stone for us … It's a big part of our budget and this sale is our biggest,” Bensmiller said.

“Now that the Stampede has split that, being able to sponsor one night of the event will help split it up and bring in a lot of smaller businesses. It really helps them get their name out there.”