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News Release - New Report Highlights Business Growth & Opportunities in the Region

News Release - New Report Highlights Business Growth & Opportunities in the Region


Crossroads Economic Development Alliance
4909-50 Street
VEGREVILLE, ALBERTA T9C 1R6
T: 780-632-1738

kathy@crossroadsdevelopment.ca
www.crossroadsdevelopment.ca


FOR IMMEDIATE RELEASE

New Report Highlights Business Growth & Opportunities in the Region

 

Vegreville, AB (February 24, 2025) – The Crossroads Economic Development Alliance (CEDA) has released a summary report highlighting key findings from its comprehensive Regional Business Retention & Expansion Study, completed in late 2024.

The study gathered insights through an online survey of over 75 regional business owners and representatives, more than 100 in-person business visitations, and a community resident survey that generated over 265 responses from individuals living in the County of Minburn, the Town of Vegreville, and the Villages of Innisfree and Mannville.

The results paint an optimistic picture of business confidence in the region:

  • Over 50% of businesses surveyed anticipate an increase in sales over the next two years.
  • 50% of those same businesses also expect to grow their staffing levels.
  • Nearly 25% of businesses plan to expand their operations.
  • Over 63% rated their community as an "average/above average" place to do business, with an additional 15% rating it as "excellent."

Opportunities & Challenges

While optimism is strong, businesses also voiced key challenges and opportunities for regional growth. Common concerns included the need to:

  • Attract more young individuals and families to the area.
  • Address workforce shortages by recruiting and retaining qualified employees.
  • Expand sustainable manufacturing and industry.
  • Increase housing availability.
  • Boost promotion of the region’s assets to drive industrial activity and residential growth.
  • Address childcare space shortages

The community survey echoed this sentiment, with over 75% of residents rating the region as an "average/above average" place to live and work, and another 8% considering it "excellent." The top economic development priorities identified by residents were ongoing business retention and expansion and community development, particularly in recreation.

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“I’d like to once again thank the businesses and residents of the County of Minburn, the Town of Vegreville, and the Villages of Innisfree and Mannville for taking the time to complete these surveys and share their insights in person. This information has already begun shaping the Crossroads Economic Development Alliance’s roadmap as we chart a path forward for 2025.”

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Kathy Dmytriw, Regional Economic Development Consultant, Crossroads Economic Development Alliance

 

The complete Business Retention Expansion Project Summary Report can be found here: BRE Summary Report

 

BACKGROUND: The Crossroads Economic Development Alliance is a regional economic development partnership involving the County of Minburn, the Town of Vegreville, and the Villages of Innisfree and Mannville. Established in 2024 through a successful joint application for the Alberta Communities Partnership Grant, CEDA is guided by one elected official from each participating municipality and Bob Bezpalko, Executive Director of Alberta HUB. Learn more about CEDA at crossroadsdevelopment.ca.


MEDIA INQUIRIES 

Kathy Dmytriw
Crossroads Economic Development Alliance
(780) 632-1738
kathy@crossroadsdevelopment.ca