Canmore Economic Development Authority Why Economic Development is important for Canmore

Community Economic Development

What is Economic Development?

Economic development means supporting existing businesses, and attracting appropriate businesses to the community, to encourage the creation of jobs and employment opportunities, which foster and improve a strong, diversified economy for the future.

Teresa Mullen
Executive Director

Partners in Economic Development

Town of Canmore
Tourism Canmore
The Biosphere Institute
BOWDA
Mountain Arts Foundation
Canmore Community Housing Corporation
MD of Bighorn # 8
Chamber of Commerce

Associate Membership
Canmore Business Registry

Our Guiding Principles

The Bow Valley & Canmore’s ability to attract more diverse industries will rest on the central attractiveness of the community, including the quality of life and the environment. For these reasons, three guiding principles were established for the Economic Development Strategy, as follows:

1. Maintain quality of life for all residents;

2. Ensure the natural environment is protected and preserved for the future;

3. Balance the tax base

What our Communities Told Us

As part of our commitment to community, Canmore Economic Development Authority (CEDA) recently coordinated a process to engage business, government, community, and members in confirming a path to sustainable economic prosperity. Part of this process involved obtaining community input into priorities for a sustainable future. The following points summarize the key points that came across through this consultation:

1. Coordinated tourism marketing is critical particularly for business

2. Focus on diversification – we cannot be reliant on one industry

3. Sustainability – beautiful natural surroundings and lifestyle opportunities are our greatest assets and always a priority

4. Affordable housing shortage was mentioned continually as a key challenge we are facing as a community.

5. Staffing shortages are increasingly challenging.

6. Leadership, particularly business leadership, needs to be encouraged.

As compared to 2001, the last time this type of process was conducted, we noticed less emphasis on encouraging an “open for business attitude” indicating there has been success in this area. However, it was noted that we still needed successful partnerships, increased communications and coordination between business, government and community.

What was most evident was that values and priorities had not changed significantly from 2001. The key areas would not change considerably. An updated strategy was needed, but a huge difference from the past directions will not be required. From the process and comments, CEDA has updated the 2001 Economic Development Strategy as follows:

Community Objectives & Strategies

Business Retention & Attraction – We need to support and encourage existing business operations and attract new business by supporting entrepreneurial activity and providing a quality environment for business; through:

· Information collection & dissemination

· Assistance for existing, expanding and new business development

· New business & investment attraction programs

Sustainable Tourism – We need to grow the tourism sector, assuring the development of a sustainable tourism market base which shares the same basic values as members of the community, necessary for a harmonious, vibrant and sustainable tourism industry. We do this by:

· Building recognition and support for the tourism industry

· Increasing tourism market

· Diversifying the tourism product base

Human Resource Development – We need to support employees and residents, to enable them to find and keep a job in Canmore & the Bow Valley, develop a career, establish a future, and become full participants in the community. We do this through:

· Human resource development

· Labour market retention & growth strategies

· Continue efforts to ensure the availability of affordable housing

Economic Diversification – We need to encourage a more diverse range of appropriate industries which will expand the Town’s commercial tax base through a focus on the following sector development:

· Health & Wellness

· Art & Culture

· Advanced Technologies

· Education & Research Attraction

· Film Production

Land Base & Sustainable Environment – We need to ensure that a supply of appropriately zoned, serviced land and carefully managed and monitored backcountry uses are available to support a diverse range of industries and businesses; through:

· Analyzing demand and developing long-term land-use plans

· Supporting sustainable practices & programs

Infrastructure – We need to support the development of infrastructure that will strengthen and support a more diverse economy; through:

· Support the development of recreation, cultural and other facilities as needed

· Develop funding expertise in the community

· Encourage and support business revitalization projects

· Support the development of public transportation systems

· Encouraging and developing leading-edge communication infrastructure

Community & Member Relations – We need to capitalize on our exceptional volunteer resources and our limited financial resources to achieve economic prosperity through:

· Coordinated and partnership approach

· Regular and strong communications

· Monitoring & evaluating success and acting on needed improvements

· Developing strong regional partnerships

What is Success for the Bow Valley?

1. A broad based economy not entirely dependant on one industry

2. A tourism industry strong and stable on a year-round basis

3. Increased business opportunities – expansion opportunities for existing business and growth opportunities for new business.

4. Balanced tax base – movement towards a 40% commercial, 60% residential tax assessment

5. Community infrastructure needs planned and met without undue burden on citizens

6. Labour force meets the needs of the community

7. Citizen’s able to sustain themselves and their families in meaningful employment

8. Natural resources sustained and protected for the future

Implementation

The community will achieve the goals and objectives needed for economic sustainability and prosperity through a coordinated approach. This strategy is a framework for future action. The report lays out the rationale and approach to economic development for Canmore & the Bow Valley. It is a guiding document in which to measure effectiveness and success of community economic development. It provides a framework for action to support our future economic prosperity and it proposes strategic directions to focus the attention and energies of all stakeholders in a common direction.

Industry, government, organizations and community must work together towards the stated objectives. Each partner will have a role and function. CEDA, as coordinating director for economic development, through an annual planning process, must educate, encourage and engage partners to participate or lead specific activities outlined in this strategy.

Conclusion

The greatest risk to our future is to do nothing. Evidence of what happens to places who do not invest in their quality of life is clear, a downward spiral of disinvestment, that ultimately degrades the performance of the region. As stewards of such incredible wealth, opportunity and natural resources, we must accept responsibility for its sustained health, prosperity and quality of life.

CEDA’s role continues to work in partnership in the community to coordinate and facilitate meaningful economic development. Our partnership organizations and members of CEDA are:

Town of Canmore
Tourism Canmore
The Biosphere Institute
BOWDA
Mountain Arts Foundation
Canmore Community Housing Corporation
MD of Bighorn # 8
Chamber of Commerce

Associate Membership
Canmore Business Registry

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