The Challenge
To support long-term economic growth and resilience, Fort McMurray Wood Buffalo Economic Development & Tourism (FMWBEDT) sought to diversify the region’s industry base by attracting companies from global markets. As the heart of Canada’s oil sands industry, Fort McMurray’s economy is heavily concentrated in a single sector, shaping its labour market, supply chains, and overall economic structure.
This reliance posed risks to long-term stability and limited opportunities for growth in emerging industries. To address this, the region required a targeted foreign direct investment (FDI) attraction plan to identify high-potential sectors and expand its economic base.
Our Approach
Building on a previous report that identified 66 potential sectors for investment, Ballad conducted a detailed evaluation to assess their viability. This analysis considered factors such as commercialization readiness, infrastructure and facility requirements, and manufacturing needs.
To strengthen the analysis, Ballad engaged directly with industry executives to better understand operational considerations and potential barriers to investment. The team also assessed regional infrastructure, including transportation networks, industrial land availability, and key assets that could support new industry growth.
Based on these insights, Ballad developed a three- to five-year FDI attraction plan aligned with Fort McMurray’s strengths and economic development goals. The plan identified two priority sectors for immediate investment attraction and three additional sectors for future growth.
To support implementation, the strategy outlined targeted business attraction activities, including participation in international trade shows and engagement with key stakeholders and prospective investors. It also identified public sector partners at the regional and national levels and defined their roles in supporting foreign investment initiatives.
Together, this work provides FMWBEDT with a clear roadmap to diversify the local economy, reduce reliance on a single industry, and attract sustainable, long-term investment.
What we heard
“We found Ballad’s team to be highly qualified. Their knowledge and experience provided an extremely effective approach to the recommended sectors and activities for our economic growth and foreign industry attraction.”