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Calgary Economic Development -- Efforts to Diversify Making a Difference!

I thought I'd use this blog entry to give a shout out to the CED (Calgary Economic Development) for the great work they are doing to attract new business to Calgary. They are a relatively small group of very dedicated and committed people working to make a big impact. In order to stretch a fixed budget, their marketing plans are lazer-focused and, as it turns out, they are gaining the ears of companies south of the border! Calgary faces a number of challenges as a result of the changing business dynamics within the global Oil & Gas industry. These challenges manifest themselves in several ways:

  • Increased unemployment/underemployment in all sectors, but especially in professional STEM positions which are typically higher income (tax paying) positions;

  • Down-town vacancy rates are over 40% by many accounts and this threatens to put additional tax burden on the remaining businesses, making a bad situation worse;

  • Reduced spending by the companies that have been driving our economy produces a trickle-down effect that has impacted small and medium sized businesses as well whether in the Oil Industry or not.

These issues could start a downward spiral if not for the efforts of the CED, other like-minded businesses and the municipal government who are taking this slow-down as an opportunity to attract new businesses across other industries. Calgary has had some extreme advantages over other North American cities for some time -- a young highly-educated workforce; an entrepreneurial spirit second to none; fantastic and reliable infrastructure; and it boasts the most head offices and small businesses per capita in Canada (and being one of Canada's 5 largest cities is saying something!). All this, while being a place where people want to work and live (Calgary ranks second of major Canadian cities for healthy lifestyle and life satisfaction according to the Conference Board of Canada). AND NOW... we have ample (and affordable) downtown office space and available highly motivated and educated workers too. This is an unprecedented opportunity to bring in new industries.

The CED have set targets for themselves based on the goals of increasing levels of employment, filling unused office space and diversification of the local economy. To accomplish this, they target companies that require knowledge workers and who struggle in their "local" labour market to attract/keep top talent. Some smaller to medium sized high-tech companies struggle to hire technologists with competition the likes of Google and Apple. Other US-based companies have hired huge numbers of foreign workers for their expertise in areas such as engineering, software development, and technology hardware; and, with the new Trump administration threatening to "send foreign workers home", there is an opportunity to potentially move these people lock, stock and barrel to Calgary and continue to have them be productive employees. Yet other companies are looking for affordable places where people want to work to help start-up companies get a foothold and succeed...Rocketspace is such a company and is one of the first to commit to opening new offices in Calgary. After a couple years of economic misery, there is a new "buzz" in Calgary and a new feeling of optimism as the city rebuilds (and rebrands) itself! New opportunities are coming... as a professional contractor, are you ready for this? Do you have the right "transferable skills" to take advantage in new industries? People who have chosen to specialize in Information Technology have embraced the notion of life-long learning and, as such, can and will adapt and pick-up the needed knowledge to enable them to work in any industry. The following are links to other TDC articles written on the topic of professional development... I hope they share some insights that you will find useful!