Overview This Strategy represents the Town and M.D.’s collective recognition that partnerships are essential for the region’s future economic success. Beyond the completion of this Plan, this acknowledgement should be celebrated as an important win. Municipal leaders should be confident that the three strategic objectives outlined in this Regional Plan offer a unified vision and realistic road map to an economically vibrant future.
The Municipal District and Town wanted an economic development plan that will strengthen the economic base of the region and contribute to sustainable prosperity for residents and businesses. The Plan will set the future direction for economic development in the region to increase opportunities for business growth, the establishment of new enterprises and industries, and increase employment opportunities.
This Plan offers a concrete path forward that addresses the need for economic diversification – to reduce local reliance on the volatile oil and gas sector, which underpin both the Town and M.D.’s economy. On that note, it is important to highlight that economic diversification does not mean abandoning the oil and gas sector but instead transforming it and other economic drivers to create a more sustainable, diverse, and thriving regional economy. This Plan also acknowledges that time and money are finite, and there is a limit on what the Town and M.D. can realistically achieve in five years. Therefore, the three strategic objectives and corresponding actions have been prioritized and tailored to be as realistic and action oriented as possible. The intention is that this Plan becomes a living, breathing document that is actively used by both municipal staff and external stakeholders to guide future economic development decision making.
Project Background The M.D. of Bonnyville secured funding for the Regional Economic Development Plan in late-2019 after the M.D. applied for and won a Community and Regional Economic Support (CARES) program grant from the provincial government. A Joint Regional Economic Development Committee was later created to help guide both Councils on developing the scope of work, selecting consultants, and monitoring progress throughout the development of the project.
Economic Context The oil and gas sector has been a fundamental driver of economic growth for the Town and M.D. of Bonnyville. For example, the region is home to over 11,600 active oil and gas wells and 184 mining, oil and gas businesses as classified by industry1. However, the multi-year downturn in oil and gas prices
1
Statistics Canada Business Counts, June 2020. See Baseline Economic Analysis within the Technical Report.
MDB Insight – Bonnyville Regional Economic Development Plan
Be bold, Bonnyville.
Page 6
