President's Message

Message from Ron Gilbertson, EEDC President and CEO

 During 2009 the global economy experienced its steepest decline in more than 50 years. Edmonton and Alberta were not immune. Edmonton’s unemployment rate doubled, housing starts fell dramatically, retail sales declined and the economy shrank by an estimated 1.9 per cent. Most economic analysts agree that growth resumed, albeit tentatively, during the second half of 2009.

In spite of this sobering news, it is key to recognize that Edmonton and Alberta entered the recession in much better shape than the rest of Canada and most of the world. Our economic fundamentals remain strong: our gross domestic product per capita ranks among the world’s highest. Alberta is the only province/state in North America free of debt. Few economies have as bright prospects over the next two to three decades as Edmonton and northern Alberta.

Recognizing how economies are changing, EEDC began the process of re-focusing its economic development strategies and activities in 2009 to reflect the new reality. Edmonton and Alberta’s economies have fundamentally changed over the past 10 to 20 years. The Alberta Advantage has largely disappeared. While education levels remain high, Alberta’s salary and wage levels are now amongst the highest in North America and around the world. Over the coming decades, labour availability and productivity will be one of Alberta’s greatest challenges.

At the same time, the world in which Edmonton competes is changing dramatically. To reflect this new economic reality, EEDC has developed and begun implementing a long-term economicdevelopment strategy that recognizes the changing nature of Alberta’s and the global economies, and points Edmonton in the direction of becoming a “smart” city that is driven by high valueadd sectors that are truly globally competitive.

In and of itself, EEDC is a substantial corporation with revenues of $35 million and more than 750 full- and part-time employees. It also has a responsibility to manage its operations efficiently and effectively; progress to this end was made in 2009. EEDC,its Board of Directors and management team completedwholesale revisions to the corporation’s governance structure. These changes resulted in significant improvements in the strategic focus of the Board and senior management team, and its relationship with its sole shareholder, the City of Edmonton. In spite of a general slowdown in economic activity, EEDC ended the year with a financial surplus.

As in 2009, EEDC’s ongoing activities and major initiatives will continue to be focused around three central themes in 2010: leadership, innovation and recognition. Under the banner of leadership, EEDC will continue to engage with the community and be a catalyst for change. In terms of innovation, we will continue with initiatives and programs that support the introduction of advanced technologies and the “economy of the future.” To improve global recognition, EEDC will actively support the tourism and convention sector, working withpartners to promote community-wide quality of life programs, and introducing new digital strategies for communicating this information to the world.

EEDC has become an organization with a central role in Edmonton’s economic growth and development. It is a corporation that citizens have every right to be proud of. In 2010, our responsibility is to live up to that expectation.