Alberta sets vision for future economic growth
Alberta’s Economic Development Framework creates the plan to strengthen and broaden economy and build Alberta’s resilience through “boom-and-bust” economic cycles.
The Building on Alberta’s Strengths: Alberta’s Economic Development Framework encourages the province’s diverse economic development community to rally around a shared vision for growing the Alberta economy.
The Framework serves as both a guide for economic developers across the province to check economic tactics and strategies and a catalyst for starting conversations on how Alberta can bring its economic vision to life. While natural resources continue to anchor Alberta’s economy, the Framework lays the foundation for a more integrated and intentional approach to economic development planning in the province.
“Our economy is strong…Alberta’s recent A+ on the Conference Board of Canada’s provincial economic report card and our ranking as the most entrepreneurial province in Canada prove that. The Framework provides a common vision for us to work together with the economic development community to ensure future generations continue to enjoy the advantages of a prosperous economy.”
The Framework is a long-term plan that focuses on expanding market access; improving resource-based and resource-related industries; enabling firms with high growth potential to broaden Alberta’s economic base; and inspiring entrepreneurs to innovate, commercialize and expand businesses across the province.
Work on the four priority areas outlined in the Framework is already underway. For instance Alberta’s International Strategy, released last year, is helping to expand market access by creating a new export council for small and medium-sized entrepreneurs.
The Alberta government is also developing a Small Business Strategy and a Rural Economic Development Action Plan, to be released later this year. The Small Business Strategy will help improve policies, services, and supports for small business success while the Rural Economic Development Action Plan is designed to ensure our rural communities can build on their economic successes and continue to flourish.
“With an economic footprint estimated at more than $77 billion each year, rural Alberta is an essential contributor to the Economic Development Framework and will help shape our province’s future prosperity. We must continue to partner with our rural communities to build on their strengths, identify new opportunities, and take actions that will encourage sustainable rural economic development.”
“Preparing Albertans for success abroad supports our international strategy and number one economic priority of opening new markets. With this framework we’ll have an even greater ability to coordinate our efforts and collaborate with the economic development community, resulting in success both at home and beyond our borders.”
The Framework addresses stakeholders’ request for a shared provincial vision for economic development and growth. It was developed collaboratively with economic development partners and sets out four strategic priorities and identifies specific economic goals and shared responsibilities.
Under the Building Alberta Plan, our government is investing in families and communities, living within our means, and opening new markets for Alberta's resources to ensure we're able to fund the services Albertans told us matter most to them. We will continue to deliver the responsible change Albertans voted for.