have created extreme challenges for residents and business owners. The situation is one of the underlying reasons for the creation of this Regional Economic Development Plan. Other critical economic drivers include the military, agriculture, tourism, and retail and services. Across Canada, COVID-19 has negatively impacted the economic performance of many sectors and overcoming this challenge has distracted some communities from looking over the horizon to future opportunities.
Methodology In drafting the Regional Economic Development Plan, MDB Insight utilized a four-phase process, as seen in the figure below.
Figure 1: Project Methodology
Where are we now? – The research stage of the project focused on understanding the regional context, including economic drivers, important completed projects or projects under development, a baseline economic analysis focused on socio-demographic trends, and an investment readiness assessment. Where do we want to go? – During this stage, a summary of the remaining consultation efforts was provided, including the business and resident survey, feedback from the three community workshops and advanced reconnaissance interviews. A SOARR analysis (Strengths, Opportunities, Aspirations, Risks, and Results) was then created, summarizing the key themes from the first stage of the consultation process. How do we get there? The project’s final stage involved taking the findings from the consultations and SOARR analysis and drafting three strategic objectives. A selection of Future Directions Workshop was then conducted with the Regional Economic Development Committee to obtain feedback on the Plan. Additional deep-dive interviews were conducted with industry experts to refine further and align recommendations.
MDB Insight – Bonnyville Regional Economic Development Plan
Be bold, Bonnyville.
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