calgary economic development strategy [implementation update] 2010 June 15, 2010 calgary.ca | call 3-1-1 An economic development strategy to make a global city – competitive, successful and unique. I executive summary .............................................. 5 II implementation update ...................................... 21 2 calgary economic development strategy | implementation update message from mayor dave bronconnier Economic development is a significant City priority that contributes to Calgary’s vibrancy, quality of life and sustainability. I see Calgary as a place that continues to prosper with opportunity, talent and economic activity of all kinds. A clean and affordable city where children can grow up safely and where people want to live and do business. Over the past two years, while many cities struggled during the global economic downturn and a period of extraordinary change and uncertainty, Calgary has been poised to thrive. While Calgary stands at the threshold of a new economic era, the city continues to compete in the global marketplace and our advantages are many. Calgary has a universally lauded quality of life. This year, Calgary was ranked as the fifth most livable city in the world by The Economist magazine. This quality of life continues to attract the entrepreneurial talent that Calgary is renowned for. It is also critical in maintaining a dynamic local economy in the face of a recovering global economy. Calgary also maintains the unrivaled title as the energy capital of Canada and has made great advances including becoming a burgeoning centre of financial services amongst other industries. Many of these achievements could have not been possible without the impressive efforts and contributions made by the Calgary business community. I would also like to thank my fellow members of Calgary City Council for their vision and commitment. In addition, I must express my thanks to the many other stakeholders who take great pride in our city and have supported our progress to date. I feel privileged to be part of this collective effort. In the “business of attracting business,” our priority is to continue to build a Great City. Calgary’s success is based on a strong vision, setting goals, developing strategies and implementing them. Calgary’s “can do” attitude not only means that it is entrepreneurial and creative, but also has a willingness to do things differently – and do different things. This document is a two-year review on the performance of the Economic Development Strategy for Calgary. It is meant to evaluate if the implementation plan aimed at leading our city to economic prosperity continues to showcase and build on our inherent strengths. Further implementation priorities will be assessed against the world of today and the expected world of tomorrow. The approach will continue to be flexible and responsive so that Calgary can adapt and evolve in order to advance. Whatever the current economic difficulties, I have no doubt that with its growing population, comprehensive economic development strategy and astonishing base of skills and resources, Calgary will continue to lengthen its lead as a prominent business centre. Sincerely, Dave Bronconnier MAYOR calgary economic development strategy | implementation update 3 4 calgary economic development strategy | implementation update I executive summary calgary economic development strategy | implementation update 5 introduction. The purpose of this report is to provide an update on the implementation plan of the Calgary Economic Development Strategy 2008–2018 and offer a comprehensive review of the progress made since the Strategy was endorsed by Calgary City Council in 2008. 6 calgary economic development strategy | implementation update The Economic Development Strategy 2008-2018 (“the Strategy”), is a guiding document for The City of Calgary, City-funded economic development agencies, and many other key economic development stakeholders. It is meant to serve as a rallying point for collective action to support the ongoing prosperity for Calgarians and Calgary companies. The Strategy proposes what can be done now, and into the future, to stimulate necessary growth in Calgary’s economy, improve the health and vitality of our community and put Calgary further down the path to a sustainable future. The creation of the Strategy, forged by a culture of partnership, was the result of an inclusive and collective input by many stakeholders. It ultimately led to the creation of a roadmap that described what was essential to achieving sustainable economic growth and a plan of what should be done to further improve Calgary’s quality of life. The 2009–2011 implementation plan approved by City Council identifies specific projects to be executed by City Business Units, Civic Partners and external organizations. The Strategy has been a practical reality for two years. In addition to assessing performance on specific actions, a review is timely to determine whether the goals and actions contained within the ten-year strategy are still relevant and appropriate under current economic conditions. The Strategy was originally crafted and launched in a time of strong economic performance - only one year before the global economic collapse. Today, the economy is much slower and labour markets are less constrained. Given the trajectory of global economic recovery, the selection of actions for future implementation should be assessed against the context of the future global situation. Given the trajectory of global economic recovery, the selection of actions for future implementation should be assessed against the context of the future global situation. calgary economic development strategy | implementation update 7 background. In July of 2008, City Council approved an implementation plan that supported the focus on 40 of the 68 total actions contained within the Economic Development Strategy. This implementation coincided with The City of Calgary’s 2009- 2011 budget cycle. In 2002, Mayor Bronconnier invited one of Canada’s top business leaders, Murray Edwards, President of EDCO Financial Holdings, to chair a task force made up of representatives from the public, non-profit and private sectors to review Calgary’s economic development model. One of the objectives that the Edwards Task Force identified was the need to develop a comprehensive economic development strategy for Calgary. The strategy was meant to guide the activities of all three levels of government within the Calgary region as they related to Calgary’s four economic development agencies: Calgary Economic Development, Tourism Calgary, Calgary Technologies Inc. and the Calgary TELUS Convention Centre. In addition to serving as a guide for the four City-funded economic development agencies, it was hoped that other economic development partners, senior levels of government and the private sector would align their priorities with the overall Calgary Economic Development Strategy. The Strategy was the culmination of the recommendations made by the Edwards Task Force. It identified those strategic sectors and drivers that Calgary should focus its resources on in order to ensure that it remains at the peak of competitiveness amongst global jurisdictions. 8 calgary economic development strategy | implementation update Currently, the Strategy is being used in three key ways: 1. As a guide for making long-term planning decisions. Endorsed and influenced by Calgary City Council, many of the actions and priorities of the Strategy have been embedded within Calgary’s Council Priorities for 2009-2011 so that economic impact considerations are included in municipal decision-making; 2. As direction for the development of economic development agency plans, projects and budgets. Calgary’s four economic development agencies incorporate the actions of the Strategy into their annual plans and budgets; and 3. As the source of ideas and inspiration for community action and collaboration. Many of the priorities have brought together Calgary companies and Calgarians to achieve the Strategy goals, including a series of new and innovative initiatives. The identified actions were deemed to be timely and well positioned for success within a three-year time frame. Some of the projects may transition into the budget cycles of 2012 and beyond while other additional projects will commence beyond 2011. This report only addresses the implementation of those projects approved for implementation in the 2009-2011 budget cycle. calgary economic development strategy | implementation update 9 goals. The Strategy is built on three high level goals that anchor and qualify all of the initiatives and actions, and support the overall vision of a greater level of prosperity for Calgary and Calgarians. To achieve these goals, specific objectives were identified along with long-term and short-term strategies and actions. The Strategy is a unique tool for Calgary in two key ways: first it recognizes the importance of people for Calgary’s future prosperity and, secondly, it recognizes and builds off of the strengths and importance of the energy sector. The powerful combination of Calgary’s reputation, its unrivaled quality of life and the capacity for offering an attractive business environment creates a tremendous opportunity for the city to simultaneously expand into high-growth markets, create jobs and further enhance its standard of living. While unemployment rates may be higher in the first half of 2010 than they have been in over ten years, demographic