Prosperity Planning

Edmonton is truly blessed to be doing business in a part of the world largely insulated from the economic turbulence swirling all around us. This is partly good planning, but its also good fortune that we find ourselves at the crossroads of a number of primary industries – from oil and gas, to forestry, mining and agriculture.

Now is as good a time as any to be thinking about how to ensure our continued prosperity. In this spirit, Council recently discussed the most recent draft of our economic development plan, called “The Way We Prosper.”

The plan is built on extensive discussions with business leaders, a thorough and informative environment scan, an in-depth SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis, and of course, Council’s input. (You can find all the supporting documents here.)

The draft plan’s outlook and its strategies cover the rich diversity of economic opportunity that lie before us. Certainly oil and gas will continue to drive our economy for the foreseeable future, but with that comes endless opportunity to innovate to reduce costs and environmental impacts, which helps improve our reputation and social license to do business.

Research innovation, whether at the U of A, NAIT or at a private industry lab in a research park, can and does fuel entrepreneurship – just as the technology to develop the oilsands was pioneered at the U of A. Commercializing these breakthroughs, as TEC Edmonton is working to do, must receive renewed focus.

And though we are less a city of large head offices, I like to think of Edmonton as having thousands of smaller head offices for Small to Medium Enterprises (SMEs), the kinds of businesses that operate with a low profile but tend to be very valuable employers with loyal workforces. That’s a testament to the entrepreneurial spirit that has long been the true engine of Edmonton’s economy, and that will continue to form the foundation of our prosperity.

Encouragingly, I see that same spirit in the young entrepreneurs I meet building new businesses, from restaurants to smart phone apps, who are excited to be building their businesses in Edmonton.

The prosperity plan is our fifth major plan. The sixth is called “The Way We Finance” and is underway now and will include planning for the city’s own financial sustainability.