Quantitative methods for economic policy: limits and new directions
Economic Directions 2015
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Transcript of Economic Directions 2015
C OE
N O M I C D I R e C Ti O N S 2 0 1 5
Vision | Strategy | Measurement
2 | Economic Directions 2015
In 2015, Strathcona County developed a corporate business plan to create a bridge between the long-term, high-level goals and priorities outlined by Council in its strategic plan; and the short to medium-term operational goals and priorities of the its departments.
Business plans include measures, so that we can report on how we are doing in implementing Council’s strategic plan, as well as achieving department and corporate goals.
STRATEGY
ECONOMIC CYCLES CONTINUE.
www.strathcona.ca/edt | 3
The Economic Development and Tourism (EDT) Department has created its business plan to focus its efforts from now into 2018.
The Economic Development and Tourism (EDT) Department is focused on supporting the business community.
The core programs and services offered by EDT support the attraction, retention, or expansion of businesses within Strathcona County. EDT directs its initiatives and activities to meet the department, corporate and prioritized strategic goals of the County.
Through the leadership of Council, Executive Team, and staff in the department, EDT will continue to work with the business community on finding new and exciting opportunities in Strathcona County.
STRATEGY REMAINSCONSTANT.
4 | Economic Directions 2015
BUSINESS ATTRACTION, RETENTION AND EXPANSIONBusiness attraction, retention and expansion are the key pillars in Economic Development and Tourism.
The department is committed to increasing the wealth of Strathcona County by promoting and providing the resources to attract targeted companies and industry sectors. By identifying opportunities and actions that could lead to expansion, diversification and job creation, EDT plays an instrumental role in helping local entrepreneurs be sustainable and competitive in the marketplace. Our approach is to listen, nurture and support local entrepreneurs.
Engaging stakeholdersThe Business Visitation Program is part of our business retention strategy. By engaging with companies across Strathcona County, we work to understand problems and retain the business base.
Top: Mayor Roxanne Carr tours the warehouse and machine shop at Park Paving, a locally-owned roadwork company in Sherwood Park.
Right: Eileen Edwards chats with Mayor Carr and Councillor Brian Botterill at Common Ground, a volunteer-driven community cafe in Sherwood Park.
www.strathcona.ca/edt | 5
Small Business Symposium “Empowering your Business”
EDT hosted the third symposium kickoff breakfast for Small Business Week on October 20. Angus Watt, First National Bank was the keynote speaking on “Your Role in the Global Economy”. Participants heard from two panels “Labour Attraction & Retention Best Practices” and “Expanding your Business: From Homebased to Storefront”. As well, Dale Wishewan, President and CEO, Booster Juice spoke on expanding into new markets and product lines. Various organizations/agencies were on site, providing information to help entrepreneurs “empower their business”.
Business Mentorship program
EDT is partnering with the Sherwood Park and District Chamber of Commerce to deliver a business mentorship pilot program. This initiative focuses on business retention by bringing local entrepreneurs together to share experiences, provide insight and resolve issues that are impeding business operations and growth. The program is currently in its third year.
Business visitations
This program is designed to nurture and support existing businesses by addressing their urgent concerns, building relationships and assisting with their needs. Currently, 15 to 20 business visits with Council are scheduled each year. In 2011, EDT started visiting companies from various industries to complete surveys for the purpose of gathering data for economic trending, and to better understand the issues of our local businesses. This initiative will continue into 2015.
Business Startup seminars
The annual “Business Startup” seminar series has been going for the last 10 years. Topics include business ideas, marketing, business planning and financing. EDT has partnered with the Sherwood Park and District Chamber of Commerce to host the sessions. The series is currently being reviewed and revised for implementation in 2016.
Business Directory
The Strathcona County Voluntary Business Directory serves to promote existing businesses, create a resource of products and services available, and provide statistical information. Currently 1,712 businesses are participating with a total of 28,614 full-time and 8,825 part-time jobs. In 2014, 46 businesses were entered into the directory.
6 | Economic Directions 2015
UPBUSINESS START2014 sponsors:
2014 partner:
Property Locator
EDT maintains an inventory of vacant lease space, buildings and parcels with commercial and industrial zoning. The Property Locator is updated quarterly. As well as providing details and contacts on each location, this interactive tool provides maps, demographics, utility and land-use information.
Realtor, developer and company information sessions
EDT continually presents economic updates to local realtors who market and sell property in Strathcona County. Sessions are also held for developers and various companies, such as financial institutions, which have a vested interest in the state of our local economy.
Facilitation and consultation meetings
EDT serves as a liaison between businesses and County departments to assess their development for zoning issues, servicing requirements, infrastructure, or levies. Basic business consultations are also provided to future business owners.
Website and newsletter
A main focus for business attraction is providing companies with the research to support their business planning and site selection requirements. A comprehensive database of information is available on the Economic Development and Tourism section of the County’s website. In addition, an EDT monthly newsletter is distributed to over 350 subscribers highlighting business and tourism news and events.
Great Canadian Trade Fair and Sale
EDT participates in the annual trade show as part of the Strathcona County group. New retail in Sherwood Park, tourism attractions and Savour Strathcona event are highlighted in the booth. The trade show attracts approximately 28,000 visitors each year and Strathcona County’s booth is well received by attendees.
www.strathcona.ca/edt | 7
NON-RESIDENTIAL DEVELOPMENT
The number of business establishments in Strathcona County continues to increase up to 10,319 established companies as of December 2014.
Sharing market informationStrathcona County updated its Retail Market Analysis in 2015. According to the findings, retail leakage dropped from 33% to 17% as more commercial, retail and office locations opened in Sherwood Park. More details at www.strathcona.ca/retail
8 | Economic Directions 2015
About 3,632 of these companies have paid staff and employ an estimated 50,500 people. The remaining 6,687 business establishments are either self-employment companies or professional corporations. About 26% of the companies are in “goods producing sectors”, such as agriculture, construction, manufacturing, oil and gas extraction, while the remaining 74% are in the service sectors. Metropolitan Edmonton has 24% of their business in the goods producing sectors.
Since Statistics Canada changed its methodology for business inclusion from 2013 to 2014, there has been a significant increase (12%) in the number of business establishments across Canada. Due to the change in methodology, the actual numbers cannot be compared year to year.
Estimated employment percentages for Strathcona County companies
Sector Percentage
Construction 24.2%
Professional, scientific and technical services 7.9%
Accommodation and food services 8.5%
Retail services 12.5%
Auto dealers and repair 4.2%
Health services 5.2%
Finance, insurance, real estate 3.0%
Education services 4.1%
Increased employment sectors (estimated number of employees)
Sector Annual change
Professional, scientific and technical services +23.9%
Construction +20.3%
Retail services +15.3%
Health services +9.3%
Reduced employment sector
Sector Annual change
Holding Companies - 28%
Oil and gas extraction - 33%
Agriculture - 38%
Calculated based upon Statistics Canada Business Patterns Data – December 2014.
www.strathcona.ca/edt | 9
0
50
100
150
200
250
126.3
29.3
31.3
13.3
80.0
15.5
17.7
3.6
49.1
33.7
35.2
13.6
2010 2011 2012
Non
-res
iden
tial P
erm
it Va
lues
($) M
illio
ns
35.2
29.3
45.4
18.3
2013
72.4
42.1
70.6
16.0
2014
New Commercial / Institutional Buildings
Commercial / Institutional Improvements / Additions
Commercial
Industrial
New Industrial Buildings
Industrial Improvements / Additions
Non-Residential Permit Values
The permit value of non-residential projects has increased by 56% from $129.2 million in 2013 to 201.1 million in 2014. This includes all commercial, institutional and industrial projects with a good balance in all sectors. Industrial building values rose 36% to $86.6 million will the combination of commercial and institutional development increased by 77.5% from 2013 to $114.5 million in growth. The opportunity to develop serviced industrial land remains strong. Commercial growth remains strong with new retail and office development throughout Sherwood Park. Redevelopment and upgrading of high traffic commercial locations continues to keep developments attractive and modern. While permit values fluctuate with major projects, they are the highest of the past four years.
10 | Economic Directions 2015
Real Estate Industrial space1
Region Vacancy rate Avg lease rate ( /sq. ft)
Greater Edmonton 1.4% $9 - $14.50
Sherwood Park 0.3% $12.50 - $16
Office space3
Region Vacancy rate Average asking price Top end product
Downtown Edmonton
“Class AA” 12.39% $25 - $40 $40
“Class A” 8.8% $18 - $26 $26
“Class B” 6.87% $16 - $25 $20
”Class C” 20.87% $10 - $16 $21
Suburban Edmonton 12.61% $12 - $28 $36
Sherwood Park
Office 16%** $12 - $25 $32
Note **One building has been vacant for over 4 years by choice of the owner. With that building removed the vacancy rate is reduced to 11.6% in Sherwood Park.
Commercial space2
Region Vacancy rate Avg lease rate ( /sq. ft)
Greater Edmonton 2.2% $27.41
Sherwood Park 1.6% $25.08
These figures are intended to provide a general average. There is a very range based on the building type, size of the specific space, type of use, access to customer visibility, road traffic counts, timing of negotiations, developer competition, and the details of the lease negotiations. For site-specific projects, please go to the interactive map on our website (www.strathcona.ca/retail) and then to the developers’ marketing materials or contact our office.1, 3 Colliers International: www.colliers.com/canada 2 CB Richard Ellis: www.cbre.ca/research
www.strathcona.ca/edt | 11
Trans-Canada (Yellowhead) Highway 16Trans-Canada (Yellowhead) Highway 16
Baseline Road
Wye Road
Sherwood DriveGranada Blvd.
Bren
twoo
d Bl
vd
Broa
dmoo
r Blv
d
Anth
ony H
enda
y Driv
e (Hi
ghw
ay 21
6)
Highway 21
Clover Bar Road
Lakeland Drive
Emerald Hills CentreSherwood Common
Emerald Corner
Beaverbrook Square
Sherwood Towne Square
Baseline Village
Centre in the Park
Millennium Place
Sherwood Park & District Chamber of Commerce
Information & Volunteer Centre
Millennium Ridge
Broadmoor BuildingsEmerald HillsUrban Village
Summerwood Centre
Lakeland Ridge
Sherwood Park Plaza
Sherwood Park Mall
Durham Town Square
The RidgeNottingham Centre
Maplewood Plaza
Brentwood Plaza
Broadmoor Heritage Plaza
Wye Road CrossingWye South
1000 Sherwood Centre Salisbury Market
Village Market Sherwood Centre
Salisbury Gate
«
«
«
| EDMONTON SHERWOOD PARK }
Aerial photo from Google Earth
Sherwood Park Retail Areas Map (2015)
N�
RetailRetail market
The retail footprint within Strathcona County continues to expand with 3.06 million square feet of occupied floor space, up from 2.45 million in 2010. Retail services offered to residents continue to broaden with the attraction of many of the national companies since the 2010 Retail Market Analysis. The additional space also offers opportunity for local and regional entrepreneurs looking for business locations.
Due to this strong retail growth, EDT had the Retail Market Analysis refreshed in early 2015. We will work to keep more of our retail dollars in the community and to attract others from outside the community to support our business community.
Commercial opportunities
For an interactive map of Sherwood Park, or for the Retail Market Analysis, visit www.strathcona.ca/retail
Information updates
For aerial photos and an interactive map of retail areas Sherwood Park, or for the Retail Market Analysis (updated in 2015), visit www.strathcona.ca/retail
12 | Economic Directions 2015
INDUSTRIAL DEVELOPMENT
Alberta’s Industrial Heartland is Canada’s largest hydrocarbon processing region and one of the world’s most attractive locations for petrochemical, chemical and oil and gas investments. The Heartland is a geographic area that spans 582 kilometres2 spanning five member municipalities. Strathcona County is a proud founding member of Alberta’s Industrial Heartland Association.
Office ReportTHEVACANCY: 8.1% YTD ABSORPTION : 4,932 sf
On the eastern edge of the city, business is booming. Sherwood Park, Fort Saskatchewan and the rest of Strathcona County are in the midst of one of the most progressive and stable markets seen in decades, and most certainly the largest bull market since early 2008. Total commercial building permits in the county reached $83 million in May 2014. This figure while down from a peak of roughly $150 million in August 2009, is still an impressive total after nearly three years of solid growth in the economy, and burgeoning competition in other districts. Nearby in ‘Alberta’s Industrial Heartland’, over $27 billion in primary industrial and energy projects are underway, even excluding projects whose costs are still being finalized. At the same time, the final northeast leg of the Anthony Henday is set to be completed in 2016 and will provide 27 kilometers of freeway, nine interchanges, two flyovers and 24 new bridges for a total investment figure of $1.81 billion. Further north in the center of the Athabasca oil sands, Fort McMurray and its associated oil regions have been performing at a seemingly hyperbolic rate.
“Over $27 Billion in primary industrial and energy projects are underway”
Clearly all of this is exceptional news for the counties and outlying areas, but what does it mean for the office market in the Edmonton region? As every resident of Alberta knows, the provincial economy is heavily resource driven. The fortunes of Edmonton and surrounding areas are inherently tied to resource extraction and processing. As these sectors prosper, so does Edmonton’s office market. This relationship however, is much deeper than the tired argument that ‘A rising tide lifts all boats’, there is in fact a direct
connection between companies making large plays in Strathcona County, Alberta’s Industrial Heartland and the oil sands regions, and the demand for office space in Edmonton.
While the region’s largest names such as ATCO Group, Enbridge and EPCOR are all major players in the office market, the expansive tertiary sector of engineering and consulting companies have been growing recently as well. Organizations such as Worley Parsons, Opus Stewart Weir, AECOM, Jacobs Engineering, and URS Flint represent a set of companies who are directly involved in Alberta’s energy infrastructure and are also significant entities in the Edmonton commercial real estate market.
“There is in fact a direct connection between companies making large plays in Strathcona County, Alberta’s Industrial Heartland and the oil sands regions, and the demand for office space in Edmonton.“
Perhaps the best examples of the direct link between Alberta’s oilfields and Edmonton’s office market have been the RFPs (Request for Proposal) issued by Stantec and Enbridge, both of which are looking to consolidate office space. As has been discussed before, consolidation moves such as these will have a profound though necessary effect on the face of Edmonton’s downtown. What they serve to highlight in this situation however, is the effect an accelerating or slowing energy market can have on commercial property, even if occupied by a tangentially related tenant.
Q2 2014
THE CONNECTING LINK: FROM ENERGY TO OFFICE SPACE
Sharing the economic spinoff“There is in fact a direct connection between companies making large plays in Strathcona County, Alberta’s Industrial Heartland and the oil sands regions, and the demand for office space in Edmonton.”
– Avison Young Office Report (Q2 2014)
www.strathcona.ca/edt | 13
The Heartland brings together municipal plans and policies that encourage, facilitate and accommodate industrial development using an eco-industrial philosophy. The goal is to ensure that heavy industrial development is handled in a manner that reflects the interests of the community, the environment and industry, while contributing positively to partner municipalities and resident quality of place.
With active development and continued interest in Alberta’s Industrial Heartland, there is reason to be optimistic that further sustainable, heavy industrial development will continue in the future. By continuing to work with our Heartland partners, as well as the governments of Alberta and Canada, the outlook for industrial development in Strathcona County is bright.
Alberta Plus
Alberta Plus is a province-wide group of industry, municipal and community leaders. Our common purpose is to increase the value and potential of our energy resources, for the benefit of all Albertans.
Adding value turns our energy resources into products, such as bitumen to diesel, and natural gas to plastics and textiles. And it creates long-term jobs, growth and revenue, and diversifies our markets and customers. www.albertaenergyplus.ca
Alberta’s Industrial Heartland Member Municipalities
For more information, visit: www.industrialheartland.com
Turning a milestone
In 2014, Shell Scotford celebrated its 30th anniversary in Strathcona County.
14 | Economic Directions 2015
Shell Quest
• Carbon Capture and Storage (CCS) Project, which is a joint venture of Shell, Chevron and Marathon.
• This $1.35 billion project will capture, transport and store (permanently underground) over one million tonnes of CO2 a year from Shell’s Scotford Upgrader in Strathcona County.
• This is equivalent to taking 175,000 North American cars off the road each year.
• Once the CO2 is captured from the three hydrogen units, it will be transported by pipeline up to 80 km north to the chosen injection wells.
• In 2011, Shell secured $865 million in funding from the governments of Alberta and Canada in support of the project.
• The project is scheduled to be operational by late 2015.
Williams Energy
• Subject to final sanction and receiving approvals, Williams Energy plans to build a propane de-hydrogenation (PDH) facility in Strathcona County to convert propane into higher value propylene, which is a valuable petrochemical feedstock in plastics manufacturing.
• This facility, which is the first of its kind in Canada, will initially produce approximately 1.1 billion pounds of polymer-grade propylene with an opportunity to double capacity with future expansions.
• The project is expected to cost $1.1 billion.
Heartland projects
For industrial updatesVisit our website at
www.strathcona.ca/industry
Project updates
www.strathcona.ca/edt | 15
Air Products
• Announced plans to build, own and operate a new world-scale hydrogen production plant adjacent to Shell Canada’s Scotford Facility.
• The facility will produce 150 million standard cubic feet per day (MMSCFD) of hydrogen.
• The new Canadian plant will be built under a long-term agreement for Air Products to supply Shell Scotford with hydrogen and steam.
• Project investment is expected at $300 million.
Aerial photo: Air Products and Shell Scotford (south)
For more informationContact: Tyler WestoverManager, Industrial DevelopmentTel: [email protected]
Economy
Governance
Social
Cultural
Environment
Strathcona County Strategic Plan Priority Items
Protect our environment and preserve biodiversity
World leader in petrochemical cluster
Cooperative partnerships with community, business, industry and neighbouring governments
Helping, caring and safe community Healthy and active community
Vibrant, creative community
Powering our New Tomorrow
Business attraction
Development attraction
Business retention
Business expansion
Entrepreneur support
See the full picture: For more details on our vision for the future, visit: www.strathcona.ca/strategicplan
Strathcona County has planned for long-term financial sustainability in support of service delivery and infrastructure asset management.
Strathcona County priorities, successes and challenges are known.
Economic opportunities are created through strategic partnerships.
Informed decision making supports quality of life in the community.
We are efficient and effective in daily operations.
Corporate Business Plan Goals
EDT Business Plan Goals
Creating Canada’s most livable community Increasing total prosperity
18 | Economic Directions 2015
TransCanada Corporation
• TransCanada has proposed three separate projects in Alberta’s Industrial Heartland:
• The Grand Rapids Pipeline Project will connect crude oil resources from the west Athabasca oil sands area to the Heartland and Edmonton areas to meet growing energy demands.
• 470 kilometres dual pipeline system to transport up to 900,000 barrels per day of crude and 330,000 barrels per day of diluent.
• Initial crude service expected mid 2016.
• TC Terminals project will provide tank storage of up to 1.9 million barrels of crude oil.
• Will facilitate the efficient movement of crude oil from Northern Alberta and help provide a connection to access markets elsewhere in North America.
• Targeted in-service date is expected in 2016.
• The Heartland Pipeline Project will aid in the transport of crude oil from Alberta’s Industrial Heartland to the Hardisty Alberta hub.
• The 36-inch pipeline will transport approximately 600,000 barrels per day with potential increase of up to 900,000 barrels per day.
• Targeted in-service date is expected in 2016.
www.strathcona.ca/edt | 19
Pembina Marketing Limited
• Pembina is planning to proceed with constructing the Canadian Diluent Hub (“CDH”), a large-scale condensate and diluent terminal at its Heartland Terminal site.
• The initial phase of CDH development will include 600,000 barrels of above ground storage, multiple inbound and outbound pipeline connections, plus associated pumping and metering facilities.
• Site preparation is ongoing. Subject to further regulatory and environmental approvals, Pembina anticipates phasing-in incremental pipeline connections to regional condensate delivery systems in 2016 with a view to achieving full connectivity of and service offerings at CDH in the second quarter of 2017.
ATCO Energy Solutions
• ATCO Energy Solutions Ltd. and Petrogas Energy Corp. have entered into an agreement for the development of a salt cavern storage opportunity.
• As envisioned, the first phase storage development will include four salt caverns with capacity to store approximately 480,000 cubic metres of natural gas liquids (NGLs), diluents, and hydrocarbon commodities.
• Utilizing existing ATCO cavern mining assets, detailed engineering and site preparation is currently underway. Commercial operation is targeted for the third quarter of 2015.
Site ready
The team at ATCO Energy Solutions celebrate the construction of storage caverns in Alberta’s Industrial Heartland
20 | Economic Directions 2015
Sasol Canada Holdings Limited
• Sasol is planning to build Canada’s first gas-to-liquids (GTL) facility in Alberta’s Industrial Heartland.
• GTL facility would use up to one billion cubic feet per day of natural gas to support the facility’s nominal design capacity of 96,000 barrels per day of high quality diesel, naphtha and liquefied petroleum gas.
• Multi-billion dollar investment.
• Successful feasibility study on the Canada GTL project in late spring 2012 and filed the Environmental Impact Assessment documentation to the province in May 2013.
• Project subject to final board approval.
Aerial photo: Proposed area for Sasol’s Canada GTL project, located in Alberta’s Industrial Heartland
TOWNSHIP ROAD 554
RANGE
ROAD 2
20
RANGE ROAD 214
HIGHWAY 15
NORTH ÛNorth Ó
www.strathcona.ca/edt | 21
Kinder Morgan / Imperial Oil
• Announced project between the two companies to build a crude oil rail-loading facility in Strathcona County.
• Capable of loading one to three unit trains per day totaling 100,000 barrels per day at startup, with potential to expand to approximately 210,000 barrels per day, and ultimately to 250,000 barrels per day.
• New rail terminal will be connected via pipeline to Kinder Morgan’s tank facility.
• Late 2017 in-service date.
Gibson Energy
• Announced a long-term contract with Statoil Canada Ltd. to build infrastructure at the company’s Edmonton terminal (located in Strathcona County).
• Terminal will handle crude oil and condensates as well as diesel fuel and liquefied petroleum gas.
• Multiple truck loading and offloading capabilities and truck-to-rail capabilities.
• Approximately 500,000 barrels of storage capacity.
Strathcona Industrial Area West of Sherwood park
Aerial photo: Kinder Morgan rail terminal
22 | Economic Directions 2015
Residential permit values
Residential construction permit activity remains strong in the County with permits issued for 789 residential units, 117 of which were in a rural setting. Of the new construction permits, 31.1% were for single dwelling units. The value for all additions and renovations was $20.45 million or 11% of the total residential values.
RESIDENTIAL DEVELOPMENT
0
50
100
150
200
250
167.72
55.63
100.66
65.66
154.38
47.18
2010 2011 2012
Resi
dent
ial p
erm
it va
lues
($
) Mill
ions
100.42
76.52
2013
129.23
55.6
2014
UrbanRural
www.strathcona.ca/edt | 23
New residential construction remains relatively stable with recent years, even with the changes to mortgage qualification requirements.
In urban areas, the construction of new residential changes with the housing market demand and existing real estate supply. The industry is very good at keeping a balance of housing supply in the community. Compared to rural areas tend to be custom built for particular owners.
Residential unit building permits by type
0
200
400
600
800
1000
394
80
2010 2011 2012 2013
77
86
14
257
244
72
31
82
20
250
312
105
81
72
10
2
69
Num
ber
of u
nits
232
104
52
100
7
2014
176
146
3
343
69
5
Singles Others
Apartments Others
DuplexSingles
Rural
Urban
Townhomes
24 | Economic Directions 2015
In urban areas all housing styles have seen an increase from the 2013 numbers back to average levels, while permits for residential units in rural areas had a slight reduction from 2013. This appears to be a continuing trend over the past five years.
Residential construction activity
Housing starts units 2014 2013 Change (%)
Single family 226 336 -32.7
Multi family 340 225 +51.1
Total units 566 561 -0.9
Completions units
Single family 241 329 -26.7
Multi family 170 240 -29.2
Total residential units 411 569 -27.7
Under construction units
Single family 186 203 -8.4
Multi family 346 176 +96.6
Total residential units 532 379 +40.3
Complete & unabsorbed units
Single family 32 44 -27.3
Multi family 22 23 -4.3
Total residential units 54 67 -19.4
New dwelling units absorbed
Single family 253 357 -29.1
Multi family 171 249 -31.3
Total residential units 424 606 -30
As the completed unit inventory is below the market, we anticipate a slight increase in single unit starts and decrease in multi-unit starts in 2015.
The difference in the average sale price for 2014 was $19,122 higher than the average price in Edmonton. The average resale price for 2014 was $458,722*. The number of sales over the past year was down 6.1% to 986 from the previous year.
*Edmonton Real Estate Board (EREB)
www.strathcona.ca/edt | 25
New single-family absorbed in 2014
Style No. absorbed Average value
Bungalow 58 $898,524
Split level 10 $586,111
Two storey 184 $715,726
Other 1 $533,000
Total 253 $743,129
CMHC also tracks the rental market. Strathcona County’s rental market remains very tight with one of the lowest vacancy rates of 19 reporting districts in the Edmonton region.
Rental information 2014 2013
Average apartment rent $1,236 $1,160
Apartment vacancy rate 1.8 % 0.3 %
Town home vacancy rate 0 % 0%
Single family residential lot inventory
The Edmonton Housing Research Corporation tracks residential lot inventories. Sherwood Park has 242 vacant lots in inventory and another 197 presently considered for development as of December 31, 2014. This compares to an estimated 1.29 year supply of serviced lots, and this compares to an estimated 1.5 year supply for the entire Edmonton Region.
Single family resale market
The resale market comparisons depend on a point in time comparison. The following are comparisons of the average December 2014 sale price compared to previous years:
December 2013 +0.4 %
December 2012 +3.6 %
December 2011 +14.5 %
December 2010 +14.3 %
December 2009 +12.9 %
26 | Economic Directions 2015
EDT is focused on providing great experiences to those that live in and visit the municipality. The department is also committed to connecting tourism operators with available resources to help with building capacity, and developing tourism businesses.
Tourism continues to flourish in Strathcona County due to partnerships with organizations like Travel Alberta, our many generous sponsors, and local operators.
Thank you to our partners, sponsors and supporters!
Tourism initiatives include:
• Partnerships and membership in tourism associations
• Event promotion and coordination
• Retention and expansion work with operators
• Destination awareness through promotion of Strathcona County amenities and businesses
• Production of an award winning tourism publication – Strathcona County Tr@veller
TOURISM
�����������������������gallery 501
Savour Strathcona County: Partners and sponsors
www.strathcona.ca/edt | 27
Savour Strathcona County July 6, 2014
Savour Strathcona County: A celebration of gourmet cuisine, local art and culture. This community festival is a collaboration of independent artists, local restaurants, vendors and producers. Savour Strathcona County is an excellent opportunity for our local small businesses to showcase their culinary and artistic talents. In 2014, 29 Artists and 14 restaurants and food vendors were featured. Four local food trucks added to the event by creating a market atmosphere on the adjacent plaza. The event attracted over 1,000 guests from Strathcona County and region with over 13,000 taste tickets sold. The intent for 2015 is to create additional partnership opportunities for restaurants and local producers. We invite you to delight your senses and visit our 2015 event on Sunday, July 5. For details please visit: www.stathcona.ca/savour.
Tour of Alberta 2014 (Strathcona County Finish: September 6, 2014)
The Tour of Alberta is an international cycling race held across several municipalities in Alberta. One hundred and twenty elite cyclists passed through Strathcona County for Stage 3 and were welcomed for the finale of Stage 4. The 2014 event was broadcasted to more than 161 countries around the world. The eyes of the world were on Strathcona County and we made an incredible impression on the international community.
Savour the moments
Savour Strathcona County added four food trucks and attracted over 1,000 visitors from the region.
Hosting the world
The Tour of Alberta brought 120 elite cyclists from across the world. The event was televised in 161 countries.
Tour of Alberta Start Festival sponsors
28 | Economic Directions 2015
Christmas in the Heartland November 29 - 30, 2014
Christmas in the Heartland is a collaborative effort between rural community partners and multiple Strathcona County departments. The two-day event is a celebration of rural hospitality and spirit around the holiday season. Admission at all locations is free and visitors are immersed in festivities that include: Christmas markets where holiday crafts, baking and refreshments can be purchased; horse-drawn sleigh rides, and a variety of arts and cultural demonstrations. There is a self-drive option that is facilitated by an interactive virtual tour of the venues, or if you prefer a chartered bus service leaves from Bethel Transit Centre (Saturday only).
We look forward to seeing you in rural Strathcona County for Christmas in the Heartland on November 28 - 29, 2015. Visit www.strathcona.ca/chillin
Christmas in the Heartland:
Sponsors
Musical performances held throughout various venues at Christmas in the Heartland.
www.strathcona.ca/edt | 29
CP Holiday Train December 9, 2014
On Tuesday, December 9, 2014 the CP Holiday Train pulled into Josephburg to greet a record number of enthusiastic residents and visitors. Over 5,000 people gathered to see the festively lit train, and to enjoy the outdoor concert featuring Odds and Roxanne Potvin. The CP Holiday Train event raised $7,000 and a truck-load of food donations for the Strathcona and Fort Saskatchewan Food Banks.
Strathcona County Tr@veller
Strathcona County is proud to present the third version of its Tr@veller, a booklet that highlights a sampling of tourism outlets and operators in Strathcona County. As a complement to the Sherwood Park Strathcona County Discover Guide, this publication is distributed throughout the region. The most current version of the Tr@veller is available online at www.strathcona.ca/traveller.
www.strathcona.ca/traveller
VERSION
ALBERTA
CANADA
StrathconaCounty
Josephberg Properties Inc.
CP Holiday Train sponsors and supporters
The CP Holiday Train raised over $7,000 and a truckload of donations for the Strathcona and Fort Saskatchewan Food Banks
30 | Economic Directions 2015
COMMUNITY ENGAGEMENTEngagement with our citizens, the business community and with those who have an interest in Strathcona County is very important to Strathcona County Economic Development and Tourism.
Our strategy, activity and relationships are informed by our interactions in the broader community.
The Economic Development and Tourism Advisory Committee (EDTAC) are a group of appointed business representatives from the community that provide excellent insight on items that support strategic goals and objectives and issues that affect the business community as a whole. The members also share knowledge on the opportunities and challenges that the business community are having in their specific sectors of expertise. EDTAC also encourages creative solutions to identified challenges in order to achieve positive results in a timely manner.
We continue to work with the community to ensure we add value in each of our interactions. We invite you to watch for our many networking opportunities that will come throughout the 2015 year.
Strathcona County Economic Development and Tourism will continue to concentrate on our key performance indicators and strategic plan, on projects that include, but are not limited to:
• Working with rural partners and societies on business development.
• Hosting international delegations and / or trade missions.
• Business retention and expansion (BR&E) efforts. (note: two staff members are internationally certified as BR&E Project Coordinators).
• Integrating arts and culture into the economy.
• Engaging the public through workshops, information sessions and presentations.
• Working with the Beaver Hills Initiative.
Strathcona County hosted the Community Leadership Series in 2014. Speakers included Olympic medalist Hayley Wickenheiser (top) and CBC ancher Peter Mansbridge (above), along with others. The two-day conference drew packed audiences from industry and community.
www.strathcona.ca/edt | 31
Regional Provincial / National International
AIHA Alberta’s Industrial Heartland
BHI Beaver Hills Initiative
Community Futures Elk Island Region
Edmonton Tourism
ESNA Economic Society of Northern Alberta
GEEDT Greater Edmonton Economic Development Team
GERC Greater Edmonton Regional Chambers of Commerce
Labour Greater Edmonton Economic Development Team Labour Committee
Sherwood Park & District Chamber of Commerce
UDI National Council for Urban Design Institute
TPC Tourism Partnership Council
Canadian Heavy Oil Association
EDA Economic Developers Alberta
EDAC Economic Developer Association of Canada
CERI Canadian Energy Research Institute
Government of Alberta
Government of Canada
REDA Regional Economic Development Association
TIAC Tourism Industry Association of Canada
Travel Alberta
Trans-Canada Yellowhead Highway Association
BREI Business Retention and Expansion International
IABC International Association of Business Communicators
ICSC International Council of Shopping Centre
IEDC International Economic Development Council
FCM Federation of Canadian Municipalities (Ukrainian delegation)
PNEDC Pacific Northwest Economic Development Council
PARTNERS & ASSOCIATIONS
Community Leadership Series sponsors
Community Leader Community Partner Community Supporter
Strathcona County
2001 Sherwood Drive Sherwood Park, Alberta Canada T8A 3W7
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Powering our new tomorrow
Creating Canada’s most livable community
Increasing total prosperity
Economic Development and Tourism Phone: 780-464-8095 Fax: 780-464-8444 [email protected] www.strathcona.ca/edt
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