Economic Development Action Plan Adopted

Town of Strathmore Adopts Economic Development Action Plan

Action Plan to provide strategic direction for the next three years

STRATHMORE, Alberta | March 11, 2024 – During the March 6, 2024 Regular Council Meeting, Council was presented with the Town’s Economic Development Action Plan.

To support Council’s strategic priority of economic development, the Town of Strathmore has engaged the business community to conduct a comprehensive Business Needs Assessment and develop an Economic Development Action Plan. This Action Plan considers the six Strategic Priorities set by Council, including affordable housing, financial sustainability, intentional community development, climate resiliency, economic development, and community wellness. The Plan aligns with community goals and addresses the challenges identified by businesses, such as workforce shortages, housing issues, supply chain disruptions, broadband limitations, and high real estate costs.

“This Economic Development Action Plan is a practical, impactful resource designed for implementation over the next twelve months and strategic goal setting for the next three years,” said Pat Fule, Mayor of the Town of Strathmore. “The Plan outcomes are ambitious, aiming to establish a baseline of business needs, facilitate well-informed decision-making, and develop a three-year framework supporting local businesses and attracting new investment.”

Beyond the initial analysis, the Action Plan redefines economic development by focusing on reshaping perspectives, restructuring systems, and leveraging existing assets. It recognizes the need for a novel approach, concentrating on greenfield and brownfield land utilization for infrastructure development. The primary strategy revolves around retaining local businesses and residents, enhancing their overall capacity for success. As the community becomes more investment-ready, the plan envisions attracting new businesses.

“The Economic Development Action Plan for Strathmore positions the town for growth. It leverages community strengths and assets, envisions ambitious investments, and emphasizes collaboration and innovation. This plan is not just a document but a dynamic tool for Senior Administration and the Business Community to partner on, fostering a thriving residential and business community for Strathmore,” said Angela Groeneveld, Senior Manager of Economic Sustainability and Investment.

The Plan identifies core goals, strategies to reach those goals, and action plans to utilize community assets and advantages that best support the existing business community and encourage new business investment. The three core goals identified include:

1. Strengthening economic development capacity;
2. Enhancing the community’s investment readiness to attract new investment; and
3. Strengthening and diversifying the local business ecosystem.

In summary, the Economic Development Action Plan is a comprehensive and actionable guide that empowers the Town of Strathmore to navigate challenges, capitalize on opportunities, and create a thriving residential and business center. There are details on when to ACT – advocate, champion, and team up for projects. The plan's success will benefit businesses and contribute to the community's overall well-being and prosperity.

For more information about the Economic Development Action Plan, please visit Strathmore.ca