11/13/2015 07:50 EST | Updated 11/13/2016 00:12 EST

Calgarians waiting for 'other shoe to drop' over energy woes: mayor

Calgary's mayor says plunging oil prices haven't had as dire an effect on the city as most had expected, but many in the industry are still waiting for the "other shoe to drop."

Naheed Nenshi says despite headlines about job losses in the energy sector, Calgary actually gained more jobs than it lost in the first half of this year.

But he adds many are expected the worst is yet to come because of  the U.S. President Barack Obama's rejection of the Keystone XL Pipeline.

Nenshi says the provincial and federal governments need to capitalize on low interest rates and declining construction costs by building more.

That in turn will create more jobs at the low point in a boom-and-bust cycle.

Nenshi says he's willing to give new Prime Minister Justin Trudeau the benefit of the doubt on energy matters.