A new report from TD Economics says despite strong economic numbers, Alberta isn't experiencing the growth seen during the boom five years ago.

While last year's growth appeared similar to the boom years of 2006 until 2008, the authors state "few observers  — including ourselves — are predicting the return to the unbridled exuberance of pre-recession times."

Instead, more moderate growth is predicted into 2013, with low unemployment and stronger housing markets. Still, the unemployment rate is forecast at 5 per cent during 2013, nowhere near the rate of close to 3 per cent rate seen during the boom.

John Rose, chief economist for the city of Edmonton, said what the province is seeing isn't a boom, but what he calls a "boomlet."

"What we're in right now is an excellent situation in terms of the fact that we've got good growth, but our inflation rate, our wages and salaries are still under control," he said.

"So it's not that out-of-control, volatile boom that we experienced earlier in 2006, '7 and '8.".

Rose believes unemployment should continue to decrease to the 4 per cent range.