Economic Development Strategy Services

The Vendor is required to provide to create a new five (5) year economic development strategy to drive growth in city key economic sectors including energy, manufacturing, and transportation and warehousing.
- This will include conducting background research, data analysis and stakeholder engagement and consultation and delivering an economic base analysis, a workforce development analysis, a 'roadmap' with a five-year action plan and accompanying report and presentation and identifying KPI’s to monitor and measure progress with an accompanying reporting template.
- The strategy should align with existing operational resources, federal, provincial, regional, and local government priorities, and be mainly based on existing human and capital resources and identify where additional resources are needed and the potential funding sources to offset those costs.
- Provide a comprehensive overview of the Prince George economy, including emerging trends, risks and opportunities, and serve as evidence supporting potential priorities, targets, and strategies for economic sustainability and growth. Include workforce-related data and recommendations with strategies to close the gaps between local workforce competencies and current and emerging labor market needs and opportunities.
- This Strategy will adopt a focused and strategic approach to workforce development by concentrating on sectors with the highest economic significance, workforce demand, and population growth in the region.
- An Economic Base Analysis uses existing resources and secondary resources to provide an overview of the city area, this includes an assessment of key industries driving the local economy, identification of potential growth sectors, analysis of current employment trends, evaluation of workforce demographics, examination of income levels, review of regional economic competitiveness factors, identification of opportunities for business expansion or attraction, and formulation of strategies to enhance economic sustainability and growth.
- The Consultant will conduct consultations as necessary alongside the economic base analysis and strategic plan road map development. 
- The frequency and format of these sessions will be outlined in the Consultant’s Proposal to allow for maximum stakeholder engagement and interaction during the Services.
- Consultation and engagement results will be summarized in the final report, with detailed methodology and supporting documentation included in the appendices.
- SWOT Analysis:
•    Conduct a comprehensive SWOT (strengths, weaknesses, opportunities, threats) or similar analysis to identify physical infrastructure, economic land assets, natural assets, local institutions, economic drivers, historical and cultural features, and human assets that impact the region’s economic development.
- Innovation and Technology Integration:
•    Explore opportunities for integrating innovation and technology to enhance scalability, competitiveness, and sustainability in key sectors, and assess potential impacts on the region’s economic landscape. 
•    Evaluate opportunities for incorporating innovative technologies or techniques to improve the delivery of economic development services.
- Sector Analysis:
•    Analyze key sector trends both domestically and internationally and leverage these deeper insights into sector-specific competitiveness assessments and strategies.
•    Evaluate key sector-specific opportunities from both a retention and expansion perspective and an investment attraction standpoint to inform the roadmap and action items.
- Workforce Development:
•    Identify and/or review target markets for skilled talent attraction initiatives.
•    Develop strategies for workforce development and talent retention to meet the evolving needs of the regional economy.
- Investment Attraction Readiness:
•    Identify target markets for investment attraction initiatives.
•    This may be completed by using a foreign direct investment opportunities matrix in addition to analyzing available research reports that can be provided by the economic development division.
•    Conduct investment readiness assessment.
- Performance Measurement:
•    Establish KPIs and evaluation metrics to monitor progress to measure the impact of the economic strategy.

- Contract Period/Term: 5 years
- Proponents’ Conference Call Date: August 14, 2025
- Questions/Inquires Deadline: August 21, 2025