It’s been an interesting couple of years for the Central Alberta economy. However, resilience has paid off, as the cities and towns within have scraped, scrapped, and pulled through. 2017 is in full swing and this spring season marks further growth with reports showing that we’re headed in the right direction. These accounts detail economist optimism, citing a rise in commercial permits, fueled in part by renewed interest in the energy sector. But what makes the forecast even more favourable, is the anticipated sustainability of this return to form. When we state sustainability, we’re not referring to eco-consciousness (although that is true too), we’re referencing an economic model that is endurable and less dependent upon a singular industry, a fault of the past Central Alberta economy.
What is to credit for this new and sustainable economic model? Let’s look into it.
1. Central Alberta Now Considered a Major Tourist Destination
Traditionally, when someone considers Alberta tourism they look to the bustling cities of Calgary and Edmonton. But that is changing, with the middle child finally receiving the recognition it deserves.
Unsure about this? Well, as of April 2017, global tourism site Expedia has named Red Deer as one of the Most Breathtaking Places in North America. That’s right, our Central Alberta hub is up there with Big Island Hawaii (a part of North America, apparently), Niagara Falls, and the Riviera Maya in Mexico. Head-scratching comparisons to those locations aside, Central Alberta and its sweeping prairie landscapes with amazing seasonal contrasts is indeed a contender as one of the most attractive tourist destinations in all of Canada. Year after year recognition of this grows, and the commercial sector, including hospitality and retail, directly benefit from this sustainable market.
2. Agricultural Growth is Neck and Neck with Energy
The one thing that kept the province from further economic despair last year was agriculture. The agri-business boom is essentially sheltered from any economic storm for the simple fact that the number of people growing food for the world population is diminishing. Because of this, federal support continues towards the protection of farmer’s interests. An example of this is the news that they (federal government) is soon to provide an extension of provisions dictated within Bill C-30, an act that seeks to optimize the rail movement of Alberta crops. Private investment is also supporting agriculture in Alberta, especially in the grain handling industry. The emerging tech sector (more on this below) is also credited to supporting not only oil and gas, but agriculture too. Read more on how agriculture is responsible for a newly sustainable Alberta economy. What does this have to do with the commercial sector? Well, aside from directly benefiting agricultural retail operations in the region, it boosts overall consumer confidence. This renewed confidence drives sales across all commercial markets, yours included.
3. An Emerging Tech Sector
Business Development Bank of Canada (BDC) notes that the Alberta economy is rebounding with the tech sector leading the charge. Need an example? The Northern Alberta Institute of Technology (NAIT) has been busier than ever. The Government of Alberta’s Asia-Pacific trade mission has entered into an agreement with overseas conglomerate BYD Company Ltd (BYD) that will keep the polytech sector busy for years. Red Deer College (RDC) has received status as a Polytechnic University, which will fuel the tech sector across the province, while attracting students from all over the country. These students will stay in the province as young professionals, soon to become family household consumers which will further drive support for commercial business in the region. It won’t be long before you hear the moniker Silicon Prairie being used to describe our new and endurable economy.
Feeling confident about your business’ commercial prospects in Central Alberta? Contact Apple Building Systems to break ground on your sustainable venture in the months ahead.