May 12, 2025
The City of Edmonton marks Economic Development Week (May 11-17) by highlighting many of its accomplishments over the past year, while together with its partners, it continues to enhance services, promote innovation and support businesses of all sizes and stages.
“Economic development is integral to our fiscal sustainability and quality of life,” said Mayor Amarjeet Sohi. “Economic Development Week is an important opportunity to not only promote our economic development initiatives, but to celebrate our shared successes with our business, government, education and not-for-profit partners.”
Over the past year, Edmonton has worked to become one of Canada’s most business-friendly cities. Some of these accomplishments include:
- Winning the Economic Development Renewal Project Award at the Economic Developers Alberta Annual Awards for the Rice Howard Way Entertainment District, which attracted over 7,500 visitors downtown to enjoy streetside food and beverage, increasing foot traffic and patronage to the nearby businesses.
- Introducing the new Zoning Bylaw, making it easier to start or expand a business, especially for home-based businesses.
- Launching the Industrial Investment Action Plan, which is focused on attracting investment, growing and diversifying our economy and increasing our industrial tax base.
- Renewing focus on the heart of our city – our downtown. In 2024, the Downtown Vibrancy Fund invested $4 million in over 35 projects to increase investment, economic growth and vibrancy in the downtown core.
- Offering tailored one-on-one support to more than 2,200 businesses annually through the Business Friendly Edmonton initiative.
- Being the first municipality in Canada to introduce Auto Review for House Development Permits, a digital tool that allows builders to apply for a development permit and start building on the same day.
- Ranking #1 on the Canadian Home Builders Association's Municipal Benchmarking Study for the second time in a row. This survey compared 23 municipalities, examining how local development processes, approvals and charges affect housing affordability and supply in major housing markets across the country.
“As we plan for a city of two million people, we must set an intentional course to promote new economic opportunities and reduce barriers for businesses to grow,” said Kim Petrin, Deputy City Manager, Urban Planning and Economy. “We will continue to drive new process improvements and focus on customer service and innovation. This work to streamline and reduce red tape saves an estimated $6 million and 109,000 days a year already – and we are constantly looking for newer and better ways of doing business.”
One of the City’s successful economic development initiatives is the Edmonton Edge Fund, which addresses funding gaps for innovators and entrepreneurs operating in or entering the Edmonton market. By supporting local organizations and helping them overcome barriers to market entry, the City of Edmonton is enabling innovation and diversifying the local economy. In the past two years, more than $4.5 million has been invested in 17 businesses across eight industries, positioning Edmonton as an attractive place to invest and grow a business.
“Edmonton’s collaborative spirit and commitment to innovation has been pivotal to our growth,” said Jalene Anderson-Baron, co-founder and COO, Future Fields. “With the support of the Edge Fund, we launched Instar 1.0 — our 6,000-square-foot biomanufacturing facility based here in Edmonton that will help us scale recombinant protein production for global impact. This city isn’t just our headquarters; it’s a partner in building the future of biotech.”
“Driving economic growth doesn't happen by accident or in isolation,“ said Mayor Sohi. “It requires commitment and collaboration from diverse partners. We get better results when we work together. The City is committed to working with our valued partners to ensure Edmonton's economy remains connected, inclusive, resilient and prosperous.”
