Report Paints Optimistic Future for Regional Business Growth

 Michelle Pinon - News Advertiser

Key findings from a Business Retention & Expansion Study conducted by the Crossroads Economic Development Alliance (CEDA) in 2024 were released on Feb. 24.

The study gathered insights through an online survey of over 75 regional business owners and representatives, more than 100 in-person business visitations, and a community resident survey that generated over 265 responses from individuals living in the County of Minburn, the Town of Vegreville, and the Villages of Innisfree and Mannville.

According to the results:

• Over 50 percent of businesses surveyed anticipate an increase in sales over the next two years.

• 50 percent of those same businesses also expect to grow their staffing levels.

• Nearly 25 percent of businesses plan to expand their operations.

• Over 63 percent rated their community as an "average/above average" place to do business, with an additional 15 percent rating it as "excellent."

Survey respondents also identified key challenges and opportunities for regional growth. They include:

• Attract more young individuals and families to the area.

• Address workforce shortages by recruiting and retaining qualified employees.

• Expand sustainable manufacturing and industry.

• Increase housing availability.

• Boost promotion of the region’s assets to drive industrial activity and residential growth.

• Address childcare space shortages

 Seventy-five percent of community survey respondents rated the region as an “average/above average” place to live and works, with eight percent considering it to be “excellent.” The top economic development priorities identified by residents were ongoing business retention and expansion and community development, particularly recreation.

Kathy Dmytriw, Regional Economic Development Consultant, stated: “I’d like to once again thank the businesses and residents of the County of Minburn, the Town of Vegreville, and the Villages of Innisfree and Mannville for taking the time to complete these surveys and share their insights in person. This information has already begun shaping the Crossroads Economic Development Alliance’s roadmap as we chart a path forward for 2025.”

Business owners were asked how CEDA could assist them and how it could help them grow and expand. Some of the responses included: revitalize downtown, connect with businesses and obtain updated contact details, direct businesses to funding and expansion assistance, help attract workers and bring more sustainable manufacturing and industry, strengthening infrastructure, provide more housing, childcare, healthcare, policing, etc.

 Community survey respondents were asked about the region’s greatest economic assets and weaknesses. One of the biggest strengths was people supporting local businesses throughout the region as well as recognizing agriculture as a major strength in the region and creating new industries with sustainable feedstock.

The need for marketing strategies was identified in some municipalities in addition to more promotion. Other recommendations were for municipal leaders to develop a plan, to prioritize development of commercial property, and act on businesses that have abandoned contaminated (brownfield) lots.    

 Jamieson Brown, Director of Community Engagement and Economic Development for the Town of Vegreville, said, “Kathy and the Crossroads Economic Development Alliance have been invaluable to the Town of Vegreville’s economic development efforts. This alliance has not only strengthened municipal partnerships but has also fostered a more collaborative and strategic approach to regional economic growth. Additionally, Kathy’s expertise and engagement with local businesses have made her an integral part of our department’s strategies moving forward.”