commodity super cycle

Breaking Down the Commodity Super Cycle’s Impact on Canadian Investment Portfolios

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Canada’s resource-rich economy positions the nation uniquely to benefit from a commodity super cycle, a prolonged period of above-average price increases across multiple commodities. As global demand patterns shift and supply chains reshape, Canadian investors are witnessing a fundamental transformation in how commodities drive portfolio performance and economic growth.

This extended period of commodity price appreciation extends far beyond typical market cycles, often lasting decades rather than years. For Canadian investors, understanding this phenomenon becomes crucial as the country’s economy remains deeply intertwined with natural resource extraction, processing, and export.

Understanding the Current Commodity Super Cycle Dynamics

The current commodity super cycle emerged from a convergence of structural factors that distinguish it from regular price fluctuations. Global infrastructure development, particularly in emerging economies, has created sustained demand for base metals, energy resources, and agricultural products. Meanwhile, supply constraints from underinvestment in mining and energy projects during previous downturns have tightened markets considerably.

Climate transition policies worldwide have further amplified demand for specific commodities essential to renewable energy infrastructure. Copper, lithium, nickel, and rare earth elements have become critical components in electric vehicles, solar panels, and wind turbines. This transition represents a multi-decade shift that supports the super cycle thesis, as traditional fossil fuel demand patterns evolve alongside growing clean energy requirements.

Canadian companies benefit significantly from this dynamic, given the country’s abundant reserves of transition metals and established mining expertise. The Toronto Stock Exchange hosts numerous commodity-focused companies that have experienced substantial revaluations as investors recognize the long-term demand outlook for critical materials.

Sector-Specific Investment Opportunities in Canada’s Resource Markets

Mining companies represent the most direct exposure to the commodity super cycle within Canadian markets. Large-cap producers like Barrick Gold and Teck Resources have demonstrated strong operational performance while expanding production capabilities to meet growing demand. However, mid-cap and junior mining companies often provide greater leverage to commodity price movements, albeit with higher risk profiles.

Energy sector investments have evolved beyond traditional oil and gas extraction to include renewable energy infrastructure and battery metal mining. Canadian energy companies are increasingly diversifying operations to include clean energy projects while maintaining traditional hydrocarbon production. This dual approach allows investors to participate in both current energy demand and future transition requirements.

Agricultural commodities present another compelling opportunity, as Canada’s vast arable land and advanced farming techniques position the country as a crucial global food supplier. Companies involved in fertilizer production, agricultural technology, and food processing benefit from sustained global population growth and changing dietary preferences in developing nations.

Risk Management Strategies for Commodity Investments

While the commodity super cycle presents significant opportunities, commodity investments carry inherent volatility that requires careful risk management. Price fluctuations can be extreme, driven by factors ranging from geopolitical tensions to weather patterns and regulatory changes. Canadian investors should consider diversification across multiple commodities and investment vehicles to mitigate concentration risk.

Currency exposure adds another layer of complexity, as commodity prices are typically denominated in US dollars while Canadian companies report in Canadian dollars. This creates natural hedging for Canadian investors, but also introduces exchange rate risk that can impact returns. Understanding these currency dynamics helps investors make more informed allocation decisions.

Environmental, social, and governance (ESG) considerations increasingly influence commodity investments. Canadian companies with strong sustainability practices and community relationships often command premium valuations and face fewer operational disruptions. Investors should evaluate ESG factors alongside traditional financial metrics when selecting commodity-related investments.

Portfolio Allocation and Timing Considerations

Determining appropriate commodity exposure within a Canadian investment portfolio requires balancing potential returns against volatility and correlation with other holdings. Financial advisors typically recommend commodity allocations ranging from 5% to 15% of total portfolio value, depending on investor risk tolerance and overall investment objectives.

The commodity super cycle timeline extends beyond typical investment horizons, suggesting that dollar-cost averaging strategies may prove more effective than attempting to time market entry points. Regular investments in commodity-focused funds or individual companies can help smooth out short-term price volatility while capturing long-term trend benefits.

Exchange-traded funds (ETFs) provide convenient exposure to broad commodity baskets or specific sectors without requiring individual stock selection expertise. Canadian investors can choose from domestic commodity ETFs or international funds that include Canadian holdings, depending on desired geographic and commodity diversification.

The commodity super cycle represents a generational investment opportunity for Canadian portfolios, driven by structural demand shifts and supply constraints that extend far beyond normal market cycles. Success requires understanding the underlying drivers, managing associated risks, and maintaining appropriate portfolio allocation levels. As global economies continue transitioning toward sustainable practices while maintaining growth trajectories, Canadian commodity investments are positioned to deliver substantial long-term returns for well-positioned investors.

Canada Emerges as the Epicenter of the New Commodity Super Cycle Revolution

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The investment landscape in Canada is experiencing a seismic shift as signs of an emerging commodity super cycle position the nation at the forefront of what could be the most significant resource boom in decades. With critical minerals demand skyrocketing and global supply chains restructuring, Canadian resource companies are attracting unprecedented attention from institutional investors worldwide.

A commodity super cycle represents a prolonged period of above-average price increases across multiple commodities, typically lasting 10-20 years. These rare phenomena are driven by fundamental shifts in global demand, often coinciding with major economic transitions or technological revolutions. The current signals suggest we may be entering the fourth such cycle since 1900, with Canada uniquely positioned to capitalize on this trend.

The driving forces behind this potential commodity super cycle are multifaceted and compelling. The global transition to renewable energy has created insatiable demand for lithium, copper, nickel, and rare earth elements – resources where Canada holds significant reserves. Electric vehicle production alone is projected to require 40 times more lithium and 25 times more graphite by 2040 compared to current levels, according to the International Energy Agency.

Canadian mining companies are experiencing remarkable investor interest as a result. Share prices of major producers like Shopify founder Tobias Lütke’s recent investment targets have surged, while junior exploration companies are seeing their market capitalizations multiply as investors position for the early stages of this cycle. The Toronto Stock Exchange has recorded its highest mining sector trading volumes in over a decade.

What makes this emerging commodity super cycle particularly significant for Canada is the geopolitical dimension. Western nations are actively seeking to reduce dependence on Chinese mineral supplies, creating a “friend-shoring” trend that heavily favors Canadian producers. The recent Canada-EU Strategic Partnership on Raw Materials exemplifies this shift, guaranteeing preferential access to Canadian lithium, copper, and nickel for European manufacturers.

The numbers supporting this thesis are striking. Goldman Sachs estimates that the green energy transition will require $130 trillion in commodity investments through 2050, with copper demand alone expected to double. Canada controls approximately 20% of global potash reserves, 18% of uranium, and significant portions of the world’s lithium and rare earth deposits. These geological advantages, combined with stable governance and established mining infrastructure, create an almost unparalleled investment proposition.

However, savvy investors are looking beyond just the major producers. The current environment has created opportunities across the entire Canadian resource value chain, from exploration companies identifying new deposits to technology firms developing more efficient extraction methods. Battery metals have been particularly attractive, with Canadian lithium companies seeing their valuations increase by an average of 340% over the past 18 months.

The infrastructure investments accompanying this commodity super cycle are equally impressive. Major rail expansions, port developments, and processing facility constructions are creating a multiplier effect throughout the Canadian economy. The federal government’s Critical Minerals Strategy, backed by $3.8 billion in funding, is accelerating project timelines and reducing regulatory barriers that previously hindered development.

International capital is flowing into Canada at unprecedented rates. Sovereign wealth funds from Norway, Singapore, and the Middle East have committed over $50 billion to Canadian resource projects in the past two years alone. This foreign investment, combined with domestic institutional backing, is providing the capital necessary to develop Canada’s vast but previously uneconomical deposits.

The timing appears optimal for Canadian resource investments. Unlike previous commodity cycles driven primarily by Chinese infrastructure development, this cycle is supported by permanent structural changes in global energy and transportation systems. The transition to electric vehicles, renewable energy storage, and advanced manufacturing represents a secular shift rather than a cyclical demand spike.

As this commodity super cycle continues to unfold, Canada’s unique combination of geological wealth, political stability, and strategic geographic positioning makes it the most compelling investment destination for resource exposure. The convergence of technological innovation, environmental necessity, and geopolitical realignment has created conditions that may not be seen again for decades, positioning Canadian commodity investments as potentially the most significant wealth creation opportunity of this generation.

Record Commodity Prices Drive Canada’s Economic Renaissance Through Historic Super Cycle

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Canada stands at the epicenter of a transformative economic phenomenon that’s reshaping global markets and redefining the nation’s financial trajectory. The ongoing commodity super cycle has positioned the country as a critical supplier of essential resources, from lithium and copper to oil and agricultural products, creating unprecedented opportunities for economic expansion and prosperity.

This extended period of elevated commodity prices, driven by global infrastructure development, clean energy transitions, and supply chain restructuring, has fundamentally altered Canada’s economic landscape. Mining companies are reporting record profits, energy producers are expanding operations, and agricultural exports are reaching new heights. The ripple effects extend far beyond resource sectors, influencing everything from employment rates to currency valuations and government revenues.

The current commodity super cycle differs markedly from previous cycles in both scope and driving forces. While past cycles were primarily fueled by emerging market industrialization, today’s surge stems from a perfect storm of factors including the global transition to renewable energy, post-pandemic supply chain rebuilding, and unprecedented infrastructure spending across developed nations. Critical minerals like lithium, cobalt, and rare earth elements have become particularly valuable as countries race to secure supply chains for electric vehicles and renewable energy systems.

Canadian mining companies have responded aggressively to these market conditions. Investment in new projects has surged, with exploration spending reaching levels not seen since the early 2010s. Major operators are expanding existing facilities while junior miners are securing financing for previously marginal deposits that have become economically viable due to sustained high prices. The Toronto Stock Exchange has emerged as a primary destination for commodity-focused capital raising, with resource companies accounting for a disproportionate share of new listings and equity financings.

Regional Economic Transformation Across Canada

The benefits of the commodity super cycle are being felt unevenly across Canadian provinces, with resource-rich regions experiencing particularly dramatic economic improvements. Saskatchewan has seen unprecedented growth in potash and uranium production, while British Columbia’s mining sector is experiencing a renaissance driven by copper and precious metals demand. Ontario’s nickel and gold producers are operating at full capacity, and Newfoundland and Labrador’s iron ore operations are generating substantial revenues.

Alberta’s energy sector, long dependent on volatile oil markets, has found new stability through diversified commodity exposure. The province’s oil sands operations remain profitable at current prices, while companies are simultaneously investing in lithium extraction and hydrogen production facilities. This diversification strategy, supported by the broader commodity super cycle, has created more resilient employment patterns and reduced the province’s economic vulnerability to oil price fluctuations.

The agricultural sector represents another crucial dimension of Canada’s commodity story. Global food security concerns, exacerbated by climate-related crop failures in major producing regions, have driven sustained demand for Canadian wheat, canola, and pulse crops. Prairie farmers are experiencing some of the strongest margins in decades, leading to increased land values and significant capital investments in modern farming equipment and storage facilities.

Currency and Monetary Policy Implications

The Bank of Canada has found itself navigating complex monetary policy decisions as the commodity super cycle creates both opportunities and challenges for economic management. The Canadian dollar has strengthened significantly against major trading partners’ currencies, reflecting the country’s improved terms of trade and robust export performance. This currency appreciation has helped moderate inflationary pressures by reducing import costs, but it has also created headwinds for manufacturing exporters and tourism operators.

Government revenues at both federal and provincial levels have benefited substantially from the commodity boom. Resource royalties, corporate tax collections from mining and energy companies, and personal income taxes from well-paid resource sector workers have all exceeded projections. These additional revenues have provided governments with fiscal flexibility to invest in infrastructure, reduce debt levels, and enhance social programs without significantly raising tax rates on other sectors.

The sustainability of the current commodity super cycle remains a subject of intense debate among economists and market analysts. Historical precedent suggests that commodity cycles eventually moderate as new supply comes online and demand patterns evolve. However, the structural nature of current demand drivers, particularly the global energy transition and infrastructure modernization requirements, suggests this cycle may prove more durable than previous episodes. Canada’s challenge will be maximizing the economic benefits while building resilience for eventual price normalization and continuing to position itself as a reliable, sustainable supplier of critical materials in an increasingly complex global economy.

Record Resource Demand Signals Canada’s Commodity Super Cycle Has Arrived

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Canada finds itself at the epicenter of a transformative economic phenomenon that’s capturing global attention. The country’s vast natural resources are experiencing unprecedented demand, creating what economists are definitively calling a commodity super cycle. From copper mines in British Columbia to lithium deposits in Quebec, Canadian resources are commanding premium prices and driving extraordinary investment flows that haven’t been seen since the early 2000s.

This commodity super cycle represents more than just rising prices—it’s a fundamental shift in global economic dynamics. Unlike typical commodity booms that last 2-3 years, super cycles extend over decades, driven by structural changes in the global economy. The current surge is powered by the worldwide transition to clean energy, massive infrastructure development in emerging markets, and supply chain diversification following recent geopolitical tensions.

Canadian mining companies are experiencing windfall profits as critical minerals command extraordinary prices. Nickel, essential for electric vehicle batteries, has seen prices surge 180% over the past 18 months. Copper, dubbed “the metal that electrifies the world,” trades near historic highs as demand from renewable energy projects and electric grid modernization outstrips supply. These price movements aren’t temporary spikes—they reflect fundamental supply-demand imbalances that could persist for years.

The agricultural sector is equally benefiting from this commodity super cycle. Prairie wheat exports are reaching record values as global food security concerns intensify. Canadian canola commands premium prices in international markets, while potash from Saskatchewan has become increasingly valuable as global fertilizer demand soars. These trends are translating into substantial economic benefits for rural communities and agricultural provinces.

Energy Transition Fueling Unprecedented Demand

The global energy transition serves as the primary catalyst behind Canada’s current commodity super cycle. Electric vehicle production requires six times more critical minerals than traditional vehicles, creating insatiable demand for Canadian lithium, cobalt, and rare earth elements. Wind turbines and solar panels consume massive quantities of copper, aluminum, and steel—all resources where Canada maintains significant production capacity.

Government policies worldwide are amplifying this demand through green infrastructure spending and carbon reduction mandates. The European Union’s Green Deal, America’s clean energy initiatives, and China’s carbon neutrality goals collectively represent trillions in spending that will require Canadian commodities. This policy-driven demand provides unusual certainty for long-term commodity pricing, encouraging substantial capital investment in Canadian resource projects.

Investment capital is flowing into Canadian resource companies at unprecedented rates. Venture capital funds specializing in critical minerals have raised record amounts, while major mining companies are announcing billion-dollar expansion projects across the country. The Toronto Stock Exchange has become a global hub for critical minerals financing, with new listings and capital raises reaching levels not seen since the previous commodity super cycle.

Economic Ripple Effects Across Canadian Industries

This commodity super cycle is creating far-reaching economic benefits beyond direct resource extraction. Manufacturing regions are experiencing renewed growth as companies establish processing facilities to capitalize on raw material availability. Transportation and logistics companies are expanding capacity to handle increased commodity flows, while engineering and construction firms are winning contracts for major resource infrastructure projects.

Regional economies that were struggling are now experiencing remarkable transformations. Northern Ontario communities are witnessing population growth as mining operations expand. Atlantic Canada is benefiting from increased demand for its forestry products and emerging critical minerals sector. Even urban centers are participating through increased professional services demand and technology company growth supporting the resource sector.

Labor markets across Canada are tightening as the commodity super cycle creates employment opportunities. Skilled trades workers command premium wages, while engineering and geology graduates find abundant career prospects. This employment growth is supporting consumer spending and real estate markets in resource-dependent regions, creating positive economic multiplier effects.

Banking and financial services sectors are also benefiting significantly. Canadian banks are increasing lending to resource companies while commodity-focused investment funds are attracting substantial capital inflows. The Toronto Stock Exchange has gained international prominence as a listing destination for global mining companies seeking exposure to the commodity super cycle.

Looking ahead, Canada appears uniquely positioned to benefit from this extended commodity super cycle. The country possesses abundant reserves of critical minerals essential for the global energy transition, while maintaining stable governance and established mining expertise. As global supply chains prioritize security and reliability, Canadian resources become increasingly attractive to international buyers. This combination of resource abundance, political stability, and growing global demand suggests that Canada’s commodity super cycle has substantial momentum remaining, promising continued economic benefits across multiple sectors and regions for years to come.

Canada’s Economy Enters Unprecedented Growth Phase as Commodity Super Cycle Transforms Resource Markets

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Canada finds itself at the epicenter of a transformational economic shift as a new commodity super cycle fundamentally reshapes the nation’s economic landscape. This extended period of rising commodity prices, driven by global supply constraints and surging demand from emerging markets, has positioned Canada’s resource-rich provinces as key beneficiaries of unprecedented market dynamics.

The current commodity super cycle represents the fourth such phenomenon since 1900, characterized by sustained price increases across multiple commodity categories lasting typically 15-20 years. Unlike previous cycles driven primarily by industrialization waves, this iteration reflects a complex interplay of factors including green energy transitions, supply chain disruptions, and demographic shifts in major consuming nations.

Canadian mining companies have experienced remarkable revenue growth, with copper, lithium, and nickel leading the charge due to electrification demands. The Toronto Stock Exchange’s materials sector has outperformed the broader market by 23% as investors recognize the strategic importance of Canada’s vast mineral reserves. British Columbia’s copper mines report production backlogs extending into 2028, while Quebec’s lithium projects attract billions in international investment capital.

Energy markets present equally compelling dynamics within this commodity super cycle. Alberta’s oil sands operations benefit from sustained crude prices above $85 per barrel, enabling previously marginal projects to achieve profitability. Simultaneously, Saskatchewan’s potash industry capitalizes on global food security concerns, with fertilizer prices reaching multi-decade highs as agricultural nations prioritize crop yield optimization.

Labor Markets and Infrastructure Respond to Commodity Demand

The commodity super cycle’s impact extends far beyond resource extraction, creating ripple effects throughout Canadian labor markets and infrastructure systems. Employment in mining and related services has increased by 34% since early 2024, with skilled trades workers commanding premium wages across resource-dependent regions. Universities report surging enrollment in geological engineering and mining technology programs as students recognize career opportunities in the expanding sector.

Transportation infrastructure faces unprecedented strain as rail networks and port facilities struggle to accommodate increased commodity volumes. The Port of Vancouver handles record throughput while expansion projects accelerate to meet projected demand through the decade. Canadian Pacific Kansas City and Canadian National Railway announce multi-billion-dollar capacity investments specifically targeting commodity transport corridors.

Regional economic disparities have narrowed significantly as resource-rich provinces experience accelerated growth. Newfoundland and Labrador’s iron ore operations drive provincial GDP growth exceeding 7% annually, while traditionally manufacturing-focused Ontario benefits from increased demand for mining equipment and specialized services.

Currency and Trade Balance Implications

The Canadian dollar strengthens considerably against major trading partners as commodity export revenues surge. This currency appreciation creates both opportunities and challenges, supporting consumer purchasing power while potentially constraining manufacturing competitiveness. The Bank of Canada acknowledges the commodity super cycle’s role in monetary policy considerations, balancing inflation concerns against employment growth in resource sectors.

Trade statistics reveal Canada’s evolving global position within the commodity super cycle framework. Monthly trade surpluses reach levels not witnessed since the previous commodity boom, with exports to Asia increasing by 45% as Chinese and Indian infrastructure projects consume vast quantities of Canadian raw materials. Diversification beyond traditional North American markets provides economic resilience against regional demand fluctuations.

Government revenues benefit substantially from commodity-related taxation and royalty payments. Alberta eliminates provincial debt ahead of schedule while establishing enhanced heritage funds for future generations. Federal corporate tax collections from resource companies contribute to infrastructure investments and social programs, creating positive feedback loops throughout the broader economy.

As this commodity super cycle continues evolving, Canada’s economic trajectory appears increasingly intertwined with global resource demand patterns. The nation’s ability to capitalize on these favorable conditions while building sustainable, diversified growth foundations will determine whether current prosperity translates into lasting economic transformation or represents another cyclical peak requiring careful navigation.

Record Commodity Prices Are Transforming Canada’s Economic Landscape

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Canada’s economy is experiencing a dramatic transformation as the current commodity super cycle unleashes unprecedented changes across the nation’s resource-dependent regions. From the oil sands of Alberta to the mining districts of British Columbia, this extraordinary period of sustained high commodity prices is creating ripple effects that extend far beyond traditional resource sectors, fundamentally altering Canada’s economic trajectory and positioning the country as a global powerhouse in critical materials.

The commodity super cycle represents more than just a temporary price spike—it’s a multi-year phenomenon driven by structural shifts in global demand, supply chain restructuring, and the accelerating transition to clean energy technologies. For Canada, blessed with vast natural resources including oil, gas, minerals, and agricultural products, this cycle has become an economic catalyst that’s reshaping everything from federal revenues to regional employment patterns.

Energy markets have emerged as a primary beneficiary, with Canadian crude oil prices reaching levels not seen since the previous commodity boom. The Western Canada Select benchmark has consistently traded at narrower differentials to international benchmarks, reflecting improved pipeline capacity and strong global demand. This price strength has triggered a resurgence in capital investment across Alberta’s energy sector, with companies announcing billions in new projects and expansions that were shelved during the previous downturn.

Mining operations across the country are experiencing similar momentum. Copper mines in British Columbia are operating at full capacity to meet surging demand from electric vehicle manufacturers and renewable energy infrastructure projects. Lithium deposits in Quebec and Ontario, previously considered marginal, have attracted massive international investment as automakers scramble to secure battery supply chains. The Timmins gold camp in Ontario is witnessing renewed exploration activity as precious metals maintain elevated price levels amid global economic uncertainty.

Agricultural commodities are contributing significantly to this commodity super cycle impact on Canadian prosperity. Wheat, canola, and pulse crop prices have reached historic highs, driven by climate-related supply disruptions in competing regions and robust global food demand. Saskatchewan farmers are reporting record revenues, with many expanding operations and investing in advanced farming technologies that promise to sustain productivity gains long after current price cycles normalize.

Regional Economic Transformation

The geographic distribution of commodity wealth is creating distinct regional economic patterns across Canada. Calgary’s downtown core, which experienced significant vacancy rates during the previous energy downturn, is now witnessing a construction renaissance as energy companies expand operations and technology firms establish operations to serve the resource sector. Commercial real estate values have rebounded strongly, and unemployment rates in Alberta have dropped to levels approaching full employment in many specialized sectors.

Vancouver’s port facilities are operating beyond capacity as global demand for Canadian commodities strains existing infrastructure. The federal government has accelerated approval processes for port expansion projects, recognizing that transportation bottlenecks could limit Canada’s ability to capitalize fully on the current commodity super cycle. Similar infrastructure pressures are evident in Thunder Bay, where grain handling facilities are being expanded to accommodate increased agricultural exports.

Manufacturing provinces like Ontario and Quebec are experiencing secondary benefits as resource revenues flow through the economy. Equipment manufacturers, engineering firms, and specialized service providers are reporting order backlogs extending well into future quarters. The automotive sector, particularly companies involved in electric vehicle component manufacturing, is benefiting from both domestic mining expansion and export opportunities to international markets.

Currency markets reflect the broader economic transformation, with the Canadian dollar strengthening substantially against major trading partners. While this creates challenges for non-commodity exporters, it has enhanced Canadian consumers’ purchasing power for imported goods and has made Canadian assets attractive to international investors seeking exposure to resource markets.

Long-term Economic Implications

Government revenues across multiple jurisdictions have exceeded projections by substantial margins, providing fiscal flexibility that seemed impossible just a few years ago. Alberta has eliminated its provincial debt ahead of schedule, while federal coffers are benefiting from increased corporate tax revenues and reduced unemployment insurance claims. These revenue windfalls are funding infrastructure investments that will support economic growth beyond the current commodity cycle.

Financial markets have responded enthusiastically to the commodity super cycle dynamics. The TSX has outperformed most international indices, driven primarily by resource sector gains. Canadian pension funds and institutional investors are increasing allocations to domestic commodity producers, viewing current market conditions as validation of long-term investment themes around resource scarcity and clean energy transition.

Innovation within traditional resource sectors is accelerating as companies use current cash flows to fund technological advancement. Oil sands operators are deploying artificial intelligence and automation technologies that reduce operational costs and environmental impact. Mining companies are investing in electric vehicle fleets and renewable energy systems for their operations, creating synergies between traditional extraction industries and clean technology sectors.

The current commodity super cycle is proving to be more than a temporary economic windfall for Canada—it represents a fundamental shift in global resource dynamics that positions the country at the center of critical supply chains for decades to come. As international partners seek reliable sources of energy and minerals amid geopolitical uncertainties, Canada’s stable political environment and abundant resources create sustainable competitive advantages that extend far beyond current price cycles. The challenge now lies in managing this prosperity wisely, investing in infrastructure and innovation that will sustain economic growth when commodity prices eventually normalize, while ensuring that all regions and communities benefit from this unprecedented period of resource-driven prosperity.