Economic Context

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 The Municipal District and Town be celebrated as an important win. Municipal leaders wanted an economic development should be confident that the three strategic objectives plan that will strengthen the outlined in this Regional Plan offer a unified vision and realistic road map to an economically vibrant future. economic base of the region and This Plan offers a concrete path forward that addresses contribute to sustainable prosperity the need for economic diversification – to reduce local for residents and businesses. The reliance on the volatile oil and gas sector, which Plan will set the future direction for underpin both the Town and M.D.’s economy. On that note, it is important to highlight that economic economic development in the region diversification does not mean abandoning the oil and to increase opportunities for business gas sector but instead transforming it and other growth, the establishment of new economic drivers to create a more sustainable, diverse, and thriving regional economy. This Plan also enterprises and industries, and acknowledges that time and money are finite, and increase employment opportunities. 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.