Malcolm Island Economic Development Plan

Regional District of Mt. Waddington

Sources of Funding
ICET:$12,500
Regional District of Mt. Waddington:$10,000
Community Futures - Mt. Waddington:$2,500
Total Budget: $25,000
Quick Facts: 

Malcolm Island’s economic development is intricately connected to surrounding communities and to efforts of outside groups. Establishing partnerships can be a big help in putting plans into action.

Malcolm Island Economic Development Plan

The population of Malcolm Island has been in decline and the community was at risk of losing business and community infrastructure, threatening its long-term viability for investment, enterprise and working families. For more than a year, the volunteer Malcolm Island Grassroots Development Forum had been meeting to try to develop solutions but lacked funding to effectively move forward.

Through Growing Malcolm Island, the grassroots effort was formalized with the help of economic development professionals. The community secured expert assistance to develop a full economic development strategy.  The process included consultation with community and stakeholders and identification of business and industrial sectors of interest to develop a clear vision, goals and actions. The result was an action focused strategic plan with an emphasis on community economic development as well as investment attraction in collaboration with regional partners.

Completed in 2014, it is expected that the strategy will help the community achieve sustainable economic growth while reaching beyond the island, providing benefits to the surrounding region.

ICET By The Numbers

2,500
person years employment created (construction phase)

ICET By The Numbers

50
locally elected officials and MLAs working together

ICET By The Numbers

$10.4
million annual provincial government revenue generated

ICET By The Numbers

3,650
post completion jobs created

ICET By The Numbers

$4.6
dollars leveraged for every ICET dollar invested

ICET By The Numbers

$236
million leveraged into the region

ICET By The Numbers

$50.5
million disbursed

ICET By The Numbers

$52.1
million committed

ICET By The Numbers

212
economic development projects

ICET By The Numbers

170
projects completed

ICET By The Numbers

36%
projects in small (less than 5,000) communities

ICET By The Numbers

50+
communities with ICET projects

2018-19 Annual Report

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