Thunder Bay, a city rich in resources and potential, is embarking on an ambitious journey to secure long-term economic prosperity. The Community Economic Development Commission (CEDC) has announced plans to develop a new economic growth strategy aimed at guiding the city’s development through 2031. This new approach marks a shift from the past, focusing on data-driven insights and expert guidance to ensure the community thrives in an ever-evolving global economy.
In this post, I’ll break down the strategic approach and why it’s so crucial for the future of Thunder Bay. Plus, we’ll dive into how economic development in Thunder Bay can benefit from focusing on new opportunities and the power of data.
Why Thunder Bay Needs a New Economic Growth Strategy
Thunder Bay has always been known for its rich natural resources—mining, forestry, and a growing bio-economy. However, as the world changes, so too must the way Thunder Bay approaches economic growth. The old way of planning, largely driven by in-house strategies, has worked in the past, but it’s clear that this city is on the brink of something much bigger.
Here’s why the CEDC is turning to external experts:
- The Changing Landscape: Markets change, and so do industries. The traditional focus on mining and forestry might not be enough to sustain long-term growth. Is Thunder Bay ready for new industries like advanced manufacturing, aviation, and clean technology?
- Lack of In-House Expertise: While the CEDC is a powerhouse of local knowledge, they don’t have an economist on staff. Bringing in outside expertise will ensure that decisions are based on solid data, not just gut feeling.
- A More Comprehensive Approach: The CEDC wants a data-driven economic strategy. The idea is simple: Let’s be sure we’re making decisions that deliver the highest return on investment, not just to keep the economy afloat, but to make it thrive.
The Two-Stage Approach to Economic Strategy
The CEDC’s plan for the next five years is structured in two distinct phases: Phase 1 – Evaluation, and Phase 2 – Actionable Plan.
Phase 1: Evaluating Opportunities and Risks
This phase will focus on understanding Thunder Bay’s current business landscape, including:
- Assessing Available Land and Commercial Space: Thunder Bay needs to know if there’s enough commercial property to support future business growth.
- Infrastructure Review: The city’s infrastructure needs to be evaluated to ensure it can handle future demands. From roads to utilities, everything needs to be in place for expansion.
- Comparing with Other Cities: What are other cities doing to develop their economies? What can Thunder Bay learn from them?
The consultant will then take this data and prioritize which industries have the greatest growth potential. Tourism, health sciences, and film production are just a few areas where Thunder Bay might find its next big opportunity.
Phase 2: Turning Data into Actionable Plans
Once the evaluation is complete, the consultant will move on to phase 2, which is about translating data into a concrete, actionable plan.
- Sector-by-Sector Growth Plans: For each industry identified in phase 1, a specific growth plan will be developed. The plan will look at both short-term and long-term actions to ensure Thunder Bay’s economy grows sustainably.
- Community Improvement Plans (CIP): The consultant will help determine if Thunder Bay should establish an industrial Community Improvement Plan (CIP), which could support revitalization efforts in certain sectors.
- Maximising Economic Potential: At the heart of this plan is ensuring that Thunder Bay’s economy isn’t just growing—it’s flourishing. By identifying viable growth sectors and addressing potential barriers, the city can make informed decisions that lead to greater employment and a healthier economy.
Key Areas for Thunder Bay’s Future Economic Growth
So, what are some of the key industries that could shape Thunder Bay’s future?
- Aviation: The aviation industry is ripe for growth in Thunder Bay, especially considering the city’s strategic location for air travel.
- Tourism: Thunder Bay has incredible potential to build on its tourism assets. With scenic landscapes and growing cultural offerings, the tourism sector could become a key economic driver.
- Film and Media: As the film and media industries boom across Canada, Thunder Bay could leverage its natural beauty to attract film productions.
- Advanced Manufacturing and Clean Technology: These industries align well with the city’s existing strengths and resources, offering opportunities for sustainable, high-tech development.
By focusing on these sectors and ensuring Thunder Bay is ready for the future, the CEDC aims to attract new business, provide more jobs, and ultimately create a more prosperous city.
The Impact on Thunder Bay’s Community
Ultimately, this new economic strategy is not just about business—it’s about improving life for every Thunder Bay resident. Here’s how:
- More Jobs: By diversifying the economy, Thunder Bay can create more employment opportunities across a range of industries.
- Increased Tax Base: As businesses thrive, so does the city’s tax base. This means improved public services and infrastructure for everyone.
- Thriving Local Businesses: A robust local economy benefits everyone, from entrepreneurs to large corporations, ensuring sustainable growth.
The CEDC’s goal is clear: to build a future where Thunder Bay’s economy is not only stable but thriving. As Jamie Taylor, the CEDC CEO, puts it, this strategy is meant to ensure that Thunder Bay “has the greatest return on investment for our funds” and a prosperous community for all.
Looking Ahead: A Positive Path Forward
In the next phase of this ambitious economic strategy, the CEDC will be focused on growing the local economy while managing the risks associated with these changes. The five-year plan they’re developing will help the city prioritize growth opportunities and take proactive steps to secure Thunder Bay’s place as a leading city in the coming decade.
