Economic Development
Economic development is about strengthening the local economy. It is primarily aimed at entrepreneurs who are creating, expanding, or diversifying a business. These businesses bring employment, investment, and needed services to the region and provide residents with alternative sources of income.
At the same time, investments in communities and infrastructure make economic opportunities possible. Sub-standard roads make moving products or attracting customers difficult; an active or centralized community could support local stores; rail stations, airport facilities, cell coverage, and high speed internet connections, all making development opportunities feasible.
Resource development, specifically agricultural and oil and gas development, has been the dominant form of economic development in the rural Peace Region. Agricultural development allowed residents to live off the land and is what has traditionally built communities. Logging, with lumber being processed in the municipalities, has provided local employment. Oil and gas drilling has built an extensive infrastructure of wells and pipelines, and has provided employment, rents on land, and contributions to community events.
There are numerous factors in economic development.
- Transportation investments opened the Peace Region to out-of-region markets and allowed outside producers and businesses to reach the Peace Region. The oil and gas industry in particular has been heavy users of roads; they have built many kilometers of new roads and paid taxes to improve existing roads.
- Municipalities provide facilities to process the resources from the rural areas, house a large supply of labour, and provide services to all residents of the Peace Region.
- Telecommunication infrastructure has made a new range of services and businesses possible. While internet and cell coverage has not totally covered the Peace Region yet, there is much potential in this field.
- The land base can support many types of development. This rural Peace Region has a geographically large and mostly flat landscape with few water sources.
Role of the Peace River Regional District
The Peace River Regional District (PRRD) participates with, and helps fund, two economic development commissions, one for the North Peace and one for the South Peace. The commissions seek to attract business to the region and financially support businesses that diversify and strengthen the local economy. The Regional Board also communicates with utility companies, such as telecommunications and transportation organizations, regarding expanding and maintaining infrastructure throughout the Regional District.
Role of the Official Community Plan
The Official Community Plan can identify areas suitable for commercial or industrial development. If an application for development is required, the OCP can direct the PRRD to closely or broadly consider a variety of issues, including environmental and community factors.
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