The Challenge

In 2023, the Town of Peace River set out to strengthen its position as a Northern Hub for business investment. As a key gateway to the Northwest Territories with established infrastructure for industrial growth, the Town recognized the need for a more strategic and coordinated approach to attracting new industries.

The primary goal of the Investment Attraction Strategy was to stimulate business expansion, support job creation, and advance overall community growth. Building on its unique strengths and existing assets, the Town aimed to better position itself as a competitive and attractive destination for investment. This initiative also updated and expanded upon the 2011 business case report, ensuring alignment with current economic conditions and emerging opportunities.

Our Approach

To support this work, Ballad conducted a comprehensive assessment of Peace River’s competitive advantages and capacity for growth. This included analysis of demographics, labour force availability, industry composition, industrial land supply, infrastructure, and development conditions.

Ballad also engaged local businesses and stakeholders to identify key gaps, strengths, and emerging opportunities. To ensure a regional perspective, the team assessed nearby municipalities to understand competitive dynamics and identify areas where Peace River could fill market gaps rather than overlap with neighbouring communities.

Building on these insights, Ballad developed a targeted Investment Attraction Strategy that identified four priority sectors for growth, each validated through industry engagement. The strategy also included actionable recommendations related to marketing, land development, and strategic partnerships.

To support implementation, Ballad developed marketing materials and provided content to enhance the Town’s Economic Development website, helping to clearly communicate investment opportunities. Together, this work positions Peace River to diversify its economy, attract new investment, and strengthen its role as a dynamic northern business hub.

What we heard

“We were very impressed with Ballad’s expertise and the depth of knowledge on their team. The final report not only aligned with our priorities but also presented shortlisted industry opportunities that were realistic and feasible for future implementation.”