2025-2027 Economic Development Strategy

Link: https://norfolkbusiness.ca/2024/01/17/nurturing-economic-growth/

The primary objective of this project was to develop a comprehensive multi-year strategic plan aimed at fostering economic growth and prosperity in Norfolk. At its core is the goal of attracting business investment while supporting existing industries to sustain and enhance the local economy. Anchored by Norfolk’s corporate strategic plan, “Our Future Norfolk,” this Strategy builds upon established strengths while actively seeking new business opportunities. The aim is clear: to create an environment where existing businesses thrive and new enterprises find Norfolk an ideal location to establish themselves.

The strategy targets external businesses and investors looking to Norfolk for opportunities, as well as local businesses seeking support for growth and workforce development. It incorporates over 40 metrics across categories like People and Diversity, Talent, Economic Vitality, Innovation, Equity, and Quality of Place. These metrics, along with the preliminary survey conducted by KMPG, serve as benchmarks to gauge performance, identify competitive advantages, and shape strategies outlined in the economic development plan. The strategy was developed and created in house by the Economic Development team.

The strategy outlines several key goals supported by meticulously designed initiatives, serving as a guide for Council and dedicated staff to navigate current economic challenges while paving the way for future growth and opportunity. The strategy is structured around four pillars:

1: Support and Retain This pillar aims to foster a supportive culture through collaboration and engagement with local businesses and community partners. The focus is on retaining existing businesses and enhancing local amenities to ensure continuity and stability, fostering civic pride and community cohesion.
2: Attract Collaboration with local partners is pivotal in attracting new residents, investments, labor, amenities, and housing. This goal underscores the importance of positioning Norfolk as an appealing destination for business growth and development.
3: Grow A thriving local economy hinges on a robust workforce and sustainable economic expansion. This pillar focuses on initiatives that support workforce development and create opportunities for economic growth within Norfolk.
4: Connect Enhancing connectivity within the community is essential for fostering innovation and collaboration. This goal seeks to improve communication channels, support business clusters, and provide access to business incubators and transit options.

Specific initiatives include:

Business Retention and Expansion: Preserves Norfolk’s unique community identity by retaining established businesses, fostering stability, civic pride, and community cohesion.
New Business Investment & Job Creation: Diversifies Norfolk’s economic landscape, reducing dependence on specific industries and increasing resilience against economic fluctuations.
Talent Attraction and Workforce Development: Attracts a skilled workforce, enhancing innovation, productivity, and entrepreneurship, positioning Norfolk as a preferred destination for businesses seeking skilled labor.
Enhanced Branding, Communications, and Marketing Initiatives: Provides clear, consistent communication to enhance community pride and engagement among residents, businesses, and stakeholders.

Addressing challenges such as identifying priorities with maximum community benefit within budget and staffing constraints was pivotal. The strategy adapts to the dynamic modern economy and aligns with Norfolk’s evolving corporate goals.

In conclusion, Norfolk’s Economic Development Strategy aims to foster sustainable growth, attract investment, and enhance the quality of life for all residents. Norfolk is poised to build a vibrant future where prosperity is shared and opportunities abound for everyone.