Determining city’s business advantages
Pembroke has secured $5,500 in funding to help it conduct a competitive advantages study.
The study will compare the city to other similar-sized communities and help determine the advantages it has over the others.
Heather Salovaara, the city’s economic development officer, told the planning and development committee, the last time this type of study was done was in 2003, so the city was overdue for a follow up one.
“A competitive advantage study is done by an outside firm and examines the advantages that Pembroke has as a place to do business,” she said. “The study will compare Pembroke to similar sized municipalities on a variety of factors and identify competitive advantages, and will also identify industries that may work in Pembroke based on the city’s competitive advantages.”
Salovaara said a competitive advantages study looks at such things as labour costs, utilities, land cost, taxes, amenities, demographics, and many more factors. It will add credibility to any marketing materials that identify these advantages, and it will help to identify industries that the city may want to target to locate in Pembroke.
As for the source of the grant money, she said in early 2017, the committee heard about the reintroduction of the Rural Economic Development (RED) Grant through the Ontario Ministry of Agriculture, Food and Rural Affairs (OMAFRA). The economic development department applied for funding to complete a competitive advantages study as it is deemed a priority in the City of Pembroke’s 2016-2018 Strategic Plan.
“The City of Pembroke was successful in receiving Rural Economic Development funding in the amount of $5,500 to assist in the completion of the study,” Salovaara said.
She said the budget for the competitive advantages study is $11,000, $5,500 of this will be covered by this Rural Economic Development grant. The remaining $5,500 will come from already budgeted funds in the economic development department.