MDB Insight Blog

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Two Platforms to Help You Kickstart Economic Diversity in Your Region

You’re always looking for new and innovative ways to create economic diversity in your region in order to encourage economic growth and development. Today’s ever-changing world is continually developing,

introducing new challenges - but also new solutions - to growth through economic diversity. Here are two new avenues of diversification that you can incorporate into your strategic planning.

A Closer Look at 2 New Avenues forEconomic Diversity

Within Canada, and globally, there are two emerging sources of economic diversity:

1. Climate Change-driven Diversification

Many consumers and businesses are choosing to move away from using damaging products that can harm the environment or worsen climate change. Examples include plastic cups and straws. Instead, the use of reusable cups and biodegradable or steel straws (or none) is being encouraged, all in an effort to reduce the amount of plastic sent to landfills.

Consequently, there is an increase in jobs being offered that are lower-emission and more climate-resilient. Not only is this in line with many citizens’ beliefs and priorities, but it also lends itself to increased economic diversity.

Western Economic Diversification Canada recently reported on the government’s investment of $1,889,500 to fund Northern Alberta Institute of Technology’s Centre for Grid Innovation. The facility will improve access to high-quality jobs and it will support the continued development of Alberta’s clean energy sector, diversifying the already strong energy sector in western Canada.

2. Gender Parity Initiatives Increase Diversification

Anything short of gender parity decreases the variety of goods and services that a country or community produces and exports. Gender gaps in opportunity also harm diversification. For example, limiting access to education and training constrains the potential pool of human capital that could be contributing to the economy and making it thrive.

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In December of 2018, the Canadian government created the Department for Women and Gender Equality. The department will continue the work of Status of Women Canada to advance gender equality and improve social outcomes for Canadian women

The research from the government of Canada shows explicitly that gender equality is good for the economy. In addition to federal legislation mandating pay equality, the government will provide $350 million in funding by 2023 to support gender diversity in the economy.


We Offer 2 Platforms to Identify Potential Economic Diversity in Your Region

Market research tools can be used to identify key areas in your region where diversification may be lacking. For example, to determine where to focus your diversification efforts, start by collecting statistically significant data as part of your economic growth strategy. You’ll gain insight into your community’s businesses by using a market research platform, such as Triage BR+ETM. Collect real-time data on the needs and priorities of local businesses in as little as 10 weeks from start to finish, allowing you to act quickly on the information you uncover.

Next, collect local labour market intelligence with the Regional Labour Demand and Supply Reporting SystemsTM. You can affordably collect real-time data on your labour market, monthly or quarterly, to inform integrated workforce development and economic development strategies.

MDB Insight provides you with actionable reports on the data collected. In addition to identifying where you could begin focusing in order to diversify and grow your local economy, the reports will show you exactly how to kickstart your economic development plan, quickly and effectively.

Start Investigating - Available Platforms for Economic Growth

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References:

https://www.canada.ca/en/western-economic-diversification/news/2019/04/federal-investment-supports-innovation-in-albertas-electricity-grid.html

https://www.canada.ca/en/status-women/news/2018/12/creation-of-the-department-for-women-and-gender-equality.html

https://cfc-swc.gc.ca/index-en.html

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