January 2012 - A message from Marina R. James, President and CEO, Economic Development Winnipeg Inc.

“The last time the world was racked by financial upheaval, Manitoba was a relative haven of stability. Through the worst of the 2008-2009 meltdown, the provincial economy was as flat as its prairie landscape—which is a very good showing in calamitous times. Its once meteoric neighbors, resource rich Alberta and Saskatchewan, fell off a cliff. The Manitoba miracle is rooted in being un-miraculous, a middle province in the middle of the country. That even-keeled nature means that over the past five years, it has been on average Canada’s best-performing provincial economy.”

Globe and Mail, “On an even keel, Manitoba miracle takes shape,” by Gordon Pitts, October 3, 2011

For the past several decades, Winnipeg’s incremental, steady growth may not have appeared as “sexy” to investors as the lure of a quick buck in seemingly more lucrative marketplaces. Nor did the city’s stories seem as appealing to the business media, who were busy covering lurid tales of executives risking it all to make their fortunes overnight. But the real estate bubble and ensuing worldwide recession of 2009 have changed all of that—possibly forever.

Current Global Situation: 3 Major Issues

1. Investor confidence has been rattled. A prolonged worldwide economic downturn means that businesses are hungry for stability.
2. The global talent wars have begun. Companies locate in places that have deep labour pools—the capacity to attract the skilled workers they need.
3. All business is global. Locations that emphasize diversity—and the business advantages that go along with it—will have a clear advantage.

During a time when consumer and investor confidence have reached all-time lows, when international competition for business and labour has grown ever more fierce, and when all business takes place on a global scale, Winnipeg finds itself in an enviable position.

Its economic stability—once considered more of a potential liability than an asset – is now a key selling point for the city, which owes its solid foundation to a broad array of thriving industry sectors. Winnipeg has the capacity to attract world-class talent thanks to its innovative, forward-thinking Provincial Nominee Program. And its emphasis on diversity comes at a time when multiculturalism is not only expected, but demanded by multinational corporations.
Manitoba’s largest city—the fabled tortoise—looks poised to beat many of its European, American and even Canadian competitors and counterparts—the once proverbial hares of the race. U.S. budget woes have left businesses reeling in uncertain tax climates, and more companies than ever are craving a stable and predictable location from which to operate and produce their goods.

Today the momentum and excitement surrounding Winnipeg is palpable, and the evidence for its success in attracting and retaining businesses and people is everywhere. In the past two years alone, Winnipeg has witnesses several significant milestones, including the:

• Return of the NHL – Winnipeg Jets. Thanks True North - go Jets go!
• Significant redevelopment at Assiniboine Park and Zoo
• Development of CentrePort Canada – the country’s first inland port
• Unveiling of the new terminal at Winnipeg James Armstrong Richardson International Airport
• Building of Investor Group’s Field – the new home for the CFL’s Winnipeg Blue Bombers
• Construction of an IKEA store at the 1.5 million sq. ft. Sterling Lyon Parkway Development
• Expansion of the Winnipeg Convention Centre
• Momentum of the Manitoba Provincial Nominee Program
• Downtown redevelopment by CentreVenture
• Continued development of The Forks National Historic Site
• Construction of the Canadian Museum for Human Rights
• Hosting of the Centrallia business-to-business matchmaking forums
• Opening of the Richardson College for the Environment and Science Complex and advanced development at the University of Winnipeg
• Reinvestment in the city by major companies, such as Magellan and Maple Leaf Foods

Winnipeg’s Key Rankings

• KPMG Competitive Alternatives 2010 – Winnipeg ranked number one as the most cost-effective city for aerospace manufacturing in all of North America
• IBM-Plant Location International – Winnipeg ranked number one as most cost-effective city for aerospace manufacturing
• Hydro Quebec Comparison of Electricity Prices in Major North American Cities 2010 – Winnipeg offers the lowest cost of electricity of major metro areas in the U.S. and Canada
• Intelligent Community Forum’s Smart 21 Communities – Winnipeg ranked among the top cities for two years in a row

Winnipeg’s “First, Largest, Only” Assets

• Global leadership in lean manufacturing
• Lowest electricity costs in North America among major metros
• One of the best R & D tax regimes in the world
• Unique cold-weather engine testing facilities
• Centre for Aerospace Technology and Training –one of three facilities on the continent
• Level four biocontainment lab—one of only 15 in the world
• Top two bus manufacturers in North America
• Number one airport for scheduled freight flights
• Lowest average wages for manufacturing
• Most affordable residential real estate of any major city in Canada
• Among the most affordable cities in Canada to live and do business
• Most aggressive immigration program in North America

The list could truly go on and on. Combine all of this with more than $3.25 billion in real estate and infrastructure development happening in Winnipeg, and you have a city alive and awash with unprecedented activity and opportunity.

The Conference Board of Canada recently stated that Winnipeg is expected to rank in the top half of Canadian CMA’s for economic growth in 2012. Winnipeg’s manufacturing sector is forecast to post its best performance since 2007, which will help lift overall economic growth to 2.4 per cent in 2012.

Great news to kick off 2012!
 

Marina R. James MBA
President & CEO

2011 4th QUARTER REPORT ON PROGRESS
ECONOMIC DEVELOPMENT WINNIPEG INC.

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