Economic Action Plan

Edmonton: We're young, ambitious and building something extraordinary. The Economic Action Plan is a 10-year roadmap to building a vibrant, inclusive and sustainable economy.

Learn How We're Growing

Read the City’s Economic Action Plan 2024 Annual Report for updates on the growth of our local economy.

Focus on Prosperity and Innovation

The prosperity of the Edmonton region is growing through our pursuit of innovation, and by increasing competitiveness and relevance for our businesses at the local and global levels.

Principle 1

Support for new and established businesses and entrepreneurs to thrive in the new economy in an inclusive manner. This principle focuses on actions that advance the local economy and entrepreneur support through integrated projects, policy, programs and analytics. ( Actions 1 - 5 )

4 of 5 actions complete
1 remaining action in progress

Highlights

318 businesses in Edmonton supported under the Digital Economy Program
The City of Edmonton procured over $27 million in goods and services from local businesses
Edmonton-based Applied Pharmaceutical Innovation (API) in partnership with the University of Alberta is leading the $200 million Canadian Critical Drug Initiative (CCDI) project, which will significantly impact the region's life sciences ecosystem
CHBA's biannual Municipal Benchmarking study ranked Edmonton #1 for its ability to deliver affordable and timely housing

Principle 2

We will seize the potential of our existing land, assets, and physical attributes. This principle focuses on actions that can leverage our competitive advantages including our geographical location, existing transportation network, infrastructure and housing affordability. ( Actions 6 - 11 )

4 of 6 actions complete
2 remaining actions in progress

Highlights

Edmonton is ranked as one of the best communities to start and thrive in a cybersecurity or information technology-related career along with accounting for the key national statistics on community livability, according to the Canadian Cybersecurity Network.
The City launched the $5 million Downtown Vibrancy Fund and $480,000 Chinatown Vibrancy Fund
The City provided $5.8 million in funding to 194 projects that support commercial, residential and mixed-use development in nodes and corridors. The funding leveraged $27.2 million in private investment ($17.3 Million increase from last year)
The value of building permits in Community Revitalization Levy areas increased by over $78 million from the previous year
922 residential units were added in the Community Revitalization Levy areas, 644 more than the previous year
The City's 2023 capital budget directly supported more than 3,500 jobs
The City issued 459 filming permits in Edmonton's open spaces and parks
651 festivals and events were held in open spaces and parks
The City issued 693 building permits in industrial neighbourhoods totalling over $345 million in construction value

Principle 3

Support for growth and diversification of our economy in a sustainable and equitable way. This principle builds on existing work underway to grow and diversify our economy, while ensuring that we do so equitably and in a sustainable manner. ( Actions 12 - 17 )

1 of 6 actions complete
5 remaining actions in progress

Highlights

The number of businesses within the food economy in Edmonton grew to 3,403, around 2 percent year-over-year increase
The number of fully-licensed daycare facilities increased from 536 to 591
Edmonton's startup ecosystem was valued at $1.50 Billion in 2021-2023, an increase of $200 Million from 2020-2022
The largest disclosed deal in Alberta in 2023 was by Edmonton-based Jobber, raising $134 million
The City of Edmonton oversaw the establishment of an advisory group to guide business expansion and retention in the Edmonton Research Park
The estimated economic output of YEG (formerly the Edmonton International Airport) increased to $4.6 billion in 2023, which is above YEG's pre-pandemic economic output of $3.2 billion

Principle 4

We will remain and become a destination of choice for talent and capital. This principle area focuses on ensuring Edmonton is a preferred destination for people to live and work, as well as entrepreneurs and investors looking to invest in businesses. ( Actions 18 - 20 )

2 of 3 actions complete
1 remaining action in progress

Highlights

Edmonton made the CBRE's Top 50 Scoring Tech Talent list and was ranked #39 in 2023, a year-over-year decrease of 4 spots
The City's Business-Friendly Edmonton team supported 1,153 businesses and held 24 business webinars and workshops in 2023
Edmonton Global launched its trade strategy, Access Export, to support the expansion of local businesses internationally through trade and export
Edmonton Global foreign investment leads generated 14 investment decisions worth over $252 million in the Edmonton Region. These investments supported the creation of 580 new jobs
The University of Alberta ranked #1 in Canada and #6 globally in Impact Rankings by Times Higher Education
Statistics Canada data indicates Edmonton had the third fastest growing population of Canada's largest cities from 2020 through 2023

Principle 5

We will embrace and grow our relationships and partnerships. This principle recognizes that a key to success will be working collaboratively with multiple organizations in the Edmonton Metropolitan Region. ( Actions 21 - 25 )

4 of 4 actions in progress

Highlights

Edmonton ranked #2 in Canada and #38 globally as a sports city
$342 million of economic impact was generated from major tourism-related events by Explore Edmonton, supporting 98,000 jobs

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Learn How We're Growing

Focus on Prosperity and Innovation

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Principles and Actions

Principle 1

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Principle 2

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Principle 3

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Principle 4

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Principle 5

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