A long time ago we wrote an article about why commercial businesses should consider Sylvan Lake when setting up shop in Central Alberta. Well, things have changed since then. Now that we’re here in the second fiscal quarter of 2018, we can safely say that our town has come a long way, moving beyond “lots of potential” right into full-blown greatness. And because of that, we thought it timely to provide those of you on the fence about where to expand your commercial enterprise with some further evidence that you’ve come to the right place.
1. We’re Becoming an All-Season Destination
There’s no doubt that Sylvan Lake has built its reputation as a summer season resort town. Businesses looking to capitalize on the massive influx of in-province, across country, and across the border tourism (over three-quarters of a million summertime visitors) understand how fruitful it can be. But the past concern has been that once the warm temperatures fade into autumn, the business community would have to depend solely on the spending habits of locals. Some businesses are prepared for the seasonal fluctuation, but others are not so much.
This is about to change (if it hasn’t already).
For one, over the past three years, Sylvan Lake has been the beneficiary of the staycation concept, as Alberta residents have been weathering times of economic uncertainty and opting out of more exotic travels. In doing so, they’ve been coming to the resort town, even during the shoulder seasons. What they have discovered, is that there is much more to do in the town than boating, wake-boarding, waterskiing, and ice cream tasting. These activities include outdoor iceskating, fishing (autumn and winter), snowshoeing, cross country skiing, snowmobiling, and much more. Then there are the holiday season festivals that draw crowds from all over the province. This has prompted Albertans to return to Sylvan Lake through all four seasons.
But there’s more.
Sylvan Lake has also made a direct pledge to solidify a year-round tourist season. It is capitalizing on the Alberta’s already successful “festival” model as a means to drive visitor traffic all year long. A big step was made last year with the formation of a steering committee and documentation of a festival and events strategy. Here in the spring of 2018, the committee filed a grant application for $75,000 to the Alberta Tourism Growth and Innovation Fund. Upon approval, the funds will be used to draw annual festivals in addition to sports and arts & culture events, all of which will serve to attract private investors to build a multi-season festival plaza. One example of this in action, is the passing of a Town Council vote to add a new music festival to the annual docket.
As you can see, you can now depend on more than the direct population of well over 15,000 (and growing) to support your commercial interests.
2. The Local Economy is Finally a Sustainable One
In the past, reliance on oil and gas left the region exposed. When oil prices were favorable and demand was high, the local economy would boom. But when the market flipped, consumers (and thus commercial businesses) would have to weather the storm. But here in 2018, the economy has come out of a province wide recession and is much more the wiser.
Thanks to growth in the agricultural, tech, travel & tourism, and retail sectors, Central Alberta can now boast economic sustainability, with Sylvan Lake being a direct beneficiary of it all. Learn more about this movement towards economic sustainability here and here, and why your commercial business will not only thrive today, but tomorrow as well.
3. Overall Economic Indicators
There are other important economic indicators to mention. Our 15,000+ population boasts a median age of just over 33-years old. Sylvan Lake is young, professional, and family oriented, which equates a sustainable consumer base for your commercial business. We also have a very competitive tax environment for both residents and businesses, and a progressive and supportive municipal government. In addition, the town has recently annexed over 700 hectares of land, which has been designated for mixed use, commercial property included.
As a long standing commercial contractor in Sylvan Lake, we can tell you first hand that the town is dedicated to working with the local (and newly arriving) business community to support and generate projects, activities, and resources that will build the local economy together. Don’t just take our word for it, as you can view this comprehensive business development tool kit to learn more.
For any other inquiries about building your commercial business in Sylvan Lake, we encourage you to contact Apple Building Systems today.