City’s economy fuels infrastructure projects

  • Jul. 30, 2014 4:37 p.m.

According to a study by the Conference Board of Canada, Red Deer is doing very well and is generating many infrastructure growth opportunities.

Red Deer’s gross domestic product (GDP) output grew in 2013 with a 4.5% rise from the previous year, ranking third of 46 mid-sized Canadian cities.

“I think that obviously Red Deer has a very healthy economy. In fact, we’ve out-stripped most middle-sized cities across Canada, as shown in recent economic reports from the Conference Board of Canada, which has shown us with the third strongest GDP,” said City Manager Craig Curtis.

“Last year, our GDP was 4.5 per cent, so we’re very strong on the economic side, and that leads to growth which is both commercial and residential.”

Gross domestic product represents the total dollar value of all the goods and services produced in a given area over a specific time period.

This year is expected to bring in an increase of 3.5% in GDP, while 2015 will see a less prominent, but still positive, increase of 2.5%.

Major growth for the City can most notably be seen in the development of the Riverlands residential and commercial area and the communities of Timberstone, Timberlands, Timber Ridge and Evergreen.

Riverlands development has already begun with the changes at the Ross St. and Taylor Dr. intersection. This construction is to help ease the flow of traffic into the planned residential and commercial area and to accommodate pedestrian traffic. Timberlands, Timberstone and Timber Ridge are all making significant progress as well.

“One of the factors that is really key to any of our growth is keeping our non-residential property taxes very competitive. We sit very well in terms of our non-residential taxes,” said Curtis.

Red Deer was measured against Calgary, Lethbridge, Medicine Hat, Edmonton, Winnipeg, Toronto, Regina, Halifax and Vancouver and was assessed with the second lowest cost of non-residential property tax rates, losing only marginally to Leduc.

This means that industrial growth is occurring, as business owners are able to gain profit through lower taxes. This industrial growth can be seen especially in the energy sector.

If Red Deer can secure the 2019 Winter Games bid, even more growth will be seen in amenities such as a partnership with RDC to develop the proposed Centre for Health, Wellness and Sport, which would include squash courts and a short track speed skating track among other facilities, officials say.

“I think that all in all, we hope that (getting the bid) will be a catalyst for community investment from the provincial and federal government, because they support the games. We have an investment and then we look for donors and so on. It’s an exciting opportunity and it will also add to our infrastructure. At the same time, they’re talking tens of millions in economic impact,” said Curtis.

The City would also see upgrades to arenas, Canyon Ski Hill upgrades and development and a speed skating area at Great Chief Park.

kmendonsa@reddeerexpress.com

Just Posted

Reducing crime is a top priority in Red Deer’s 2019 operating budget

City council will debate operating budget from Jan. 8th to 18th

Kira Isabella set to perform at Bo’s on Jan. 29th

Isabella has signed on with Aaron Pritchett’s ‘Out on the Town’ tour

A new Innisfail seniors lodge is on the way

Autumn Glen Lodge replaces an existing 57-year-old facility with a new complex with a 60-unit lodge

Red Deer prepares for Alberta Country Music Awards

The final round of voting to select award winners ends Dec. 28th

Retired B.C. teacher a YouTube Sudoku sensation

A retired Kelowna teacher has amassed quite the following online by teaching the art of solving a Sudoku puzzle.

UK Prime Minister Theresa May wins party no-confidence vote, but troubles remain

May won the vote of 317 Conservative legislators with a 200-117 tally

Firm says trees obstructing vision at Humboldt Broncos crash intersection

Sixteen people died and 13 others were injured in the collision at an intersection north of Tisdale

Three victims of ex-ski coach Bertrand Charest suing Alpine Canada

The victims are also seeking $150,000 each in punitive damages

Trudeau names four new senators, filling every seat in the Senate

Trudeau has appointed 49 senators since becoming prime minister and will have the chance to appoint more in 2019

Judge gives Michael Cohen 3 years in prison

Judge William H. Pauley III said Cohen deserved a harsh punishment for crimes including tax evasion

Humboldt Broncos, cannabis, Fortnite: Here are Canadians’ top Google searches for 2018

When celebrities died or Canada Post went on strike, Canada turned to Google

Condominium market still ‘a lot better’ than normal in Vancouver suburbs

The Fraser Valley, east of Metro Vancouver, has long been considered a more affordable haven for first-time homebuyers.

Most Read