Cormorant Island Economic Development Plan

Village of Alert Bay and Namgis First Nation

Sources of Funding
ICET:$30,000
Village of Alert Bay:$10,000
Namgis First Nation:$10,000
Regional District of Mount Waddington:$10,000
Total Budget: $60,000
Quick Facts: 

Over 200 people participated in the surveys, including tourists.

The economy of Cormorant Island is primarily based on the supply of commercial and government services to the 1,200 permanent residents. The decline of the fishing industry has had a serious impact on the Island’s economy and several major commercial buildings are unused or underutilized. ‘Namgis First Nation unemployment levels reached 30 per cent in 2009 prompting a renewed focus on training and economic development. The community of Alert Bay and the ‘Namgis First Nation wanted to develop joint initiatives to develop and diversify the economy and increase job opportunities, but didn‘t have the resources to conduct extensive economic development research and planning.

The primary project goal was to create a joint economic development plan. This included  a comprehensive analysis of the Cormorant Island economy and community, extensive consultation with key Island stakeholders and the development of joint project options. The project was also designed to support the integration of economic opportunities between the two Cormorant Island communities as well as the larger Mount Waddington and Broughton Archipelago economy.

The Cormorant Island Economic Development Strategy project was completed in 2015 and is hailed as an early success. Primary project deliverables include a comprehensive economic analysis which situates Cormorant Island’s current state of economic readiness and its ongoing role within its larger regional economy, as well as an assessment of Cormorant Island’s economic development assets. The communities proceeded immediately with quick start implementation of some of the strategic goals and have jointly hired an Economic Development officer to pursue strategic implementation.

 

2,500
person years employment created (construction phase)
50
locally elected officials and MLAs working together
$10.4
million annual provincial government revenue generated
2,600
post completion jobs created
$4.6
dollars leveraged for every ICET dollar invested
$230
million leveraged into the region
$49.1
million disbursed
$50.9
million committed
185
economic development projects
150
projects completed
36%
projects in small (less than 5,000) communities
50+
communities with ICET projects

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