With real GDP growth of 2.4 per cent anticipated for 2017, Lethbridge will outperform the wider provincial economy thanks in no small part to a 2.3 per cent GDP increase in the agricultural sector.
While GDP growth is an important measure in terms of understanding trends over time there are several other economic indicators where Lethbridge shines. For example, the annual unemployment rate continues to be among the lowest in the province, the housing market has remained relatively stable throughout the economic downturn, and there are more than $1 billion in construction projects planned or underway over the next four years. These indicators support our continued claim to balanced growth and economic stability. As a bright spot in the province, Lethbridge continues to shine as southern Alberta’s hub for both traditional industries and emerging technologies. Lethbridge thinkers, makers and does are leading change in agriculture, food sciences, technology and manufacturing within a community that is propelled by innovative research and a spirit of entrepreneurship.
In 2016, Lethbridge ranked fourth among Canada’s Best Places for Business by Canadian Business and PROFIT as well as the second most Business Friendly. According to the results, Lethbridge “boasts an entrepreneurial, integrated science and engineering environment and plenty of food expertise.”
While the stable and supportive business environment certainly adds to the likelihood of success, businesses also benefit from the intelligent, skilled workforce that is supported by two quality post-secondary institutions and one of the largest federal government agriculture research centres in Canada.
Industry and research expertise as well as a reputation of collaboration continue to add to business diversity and opportunity.
- Lethbridge is the second best Alberta community for business according to Alberta Venture Magazine.
- Lethbridge ranked 23 among 133 global cities in terms of cost-competitiveness according to the 2016 KPMG Competitive Alternatives study.
- In the most recent Top Entrepreneurial Cities report, by the Canadian Federation of Independent Business, Lethbridge ranked 18 out of 121 jurisdictions scoring particularly well in the category of Entrepreneurial Perspective.
- Lethbridge ranks fourth among Canada’s Best Places for Business according to Canadian Business and PROFIT. Lethbridge was also recognized as the second most business friendly place in Canada.
Did You Know?
Blue Sky Spectroscopy is a 100% Canadian-owned company located in Lethbridge and specializes in the development of custom infrared single-pixel and imaging spectrometers and radiometers for remote sensing applications.