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BUSINESS REPORT REVEALS ECONOMIC IMPACTS, OUTCOMES AND OPPORTUNITIES IN A POST-COVID ECONOMY

For media inquires please contact 403-527-5214 ext. 225 or communications@medicinehatchamber.com

BUSINESS REPORT REVEALS ECONOMIC IMPACTS, OUTCOMES AND OPPORTUNITIES IN A POST-COVID ECONOMY

The study identifies the significant impacts of Covid-19 on the business community and the overall economy in the Southeast Alberta region.

The Medicine Hat & District Chamber of Commerce has completed the Economic Impacts, Outcomes and Opportunities for Southeast Alberta in a Post-COVID Economy report. The Chamber surveyed 502 businesses and collected data from September 2020 until December 18, 2020.

The study identifies the significant impacts of Covid-19 on the business community and the overall economy in the Southeast Alberta region. In addition, the project evaluated existing data collected before the pandemic from the Business Retention Expansion and Workforce Development (BREWD) Survey conducted in 2019-2020 to determine if there were any significant changes or priorities that emerged. The analysis in the Chamber report evaluated various data points to understand better the methods required to regenerate economic growth and promote business survival in a post-pandemic economy.

“Setting a direction and making good decisions requires information and data,” explained Chamber President Marcus Campbell. “We’re so grateful for the time that businesses took to participate in our survey. This study will allow business owners, business support organizations and government to access information and implement impact reduction programs and strategies that will help to drive future economic growth in our region.”

The report has five sections that discuss the economy before COVID-19, the impacts on business operations resulting from the pandemic and restrictions, the gaps in the economy, strategies and policies for economic prosperity, and long-term economic initiatives to grow the economy. 

“The economic recovery of our region is a journey that will take years. However, we’ve started right by ensuring that we have a clear direction with our business research report and our newly adopted strategic plan providing our roadmap,” stated Campbell. “We’ve mapped out the challenges and roadblocks in the path ahead, but we also see opportunities to help our businesses navigate the landscape and ways to partner with other organizations and government to steer towards a destination that fuels our business community and provides prosperity for our entire region.”

The report was a project supported through Student Work Placement Program funding including Mitacs funding and funding through Magnet. The survey included a total of four students who assisted with the business research survey along with one student who continued working with the Chamber on further analyzing the data and compiling the report under the direction of the University of Lethbridge. 

“We could not have accomplished the work without these students. We have been champions of student work-integrated learning and applied studies opportunities for several years, but the work recently accomplished truly shone a light on the potential our students have to complement the work of our business community”, stated Executive Director Lisa Kowalchuk. “Students in our region and across southern Alberta have a deep connection to our community. We want to keep them engaged in the work of our region and provide these types of opportunities for increased exposure to businesses in order to gain new insight and experience to set them up for future success”.

Read the Economic Impacts, Outcomes and Opportunities for Southeast Alberta in a Post-COVID Economy report, along with the Chamber's Strategic Plan, which ties in many of the concepts and outcomes identified in the report.

Please direct all media inquiries to:

Marcus Campbell, President

c/o Medicine Hat & District Chamber of Commerce (403) 527-5214 ext.225

The Chamber of Commerce is a member-driven, volunteer-led organization, proudly representing the interests of businesses in our region and working diligently to stimulate a strengthened and vibrant economy through our connections, support and influence. For more than 115 years, the Chamber has stood to promote business, monitor government, and champion managed growth in the local economy. The Chamber represents over 900 businesses in our region. It is aligned with both the Alberta Chambers of Commerce (ACC), representing over 25,000 businesses and the Canadian Chambers of Commerce (CCC), representing over 200,000 businesses. With the largest and most influential business organizations locally, provincially and federally, the Chamber network is the most unified, valued and influential business network in Canada. It works together to shape policy and programs that will make a difference to businesses in our region.


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