Competitive strategy is about being different.  The essence of strategy is choosing to perform activities differently than rivals do.

The Economic Challenge

HRM’s economy has undergone tremendous change in recent years and has proven itself capable of adapting to significant challenges. There is much to be satisfied with in the recent performance of the HRM economy.  Halifax Regional Municipality is undeniably the economic hub of Atlantic Canada. The region accounts for forty percent of provincial GDP, and about one fifth of Atlantic Canadian GDP. Between 1996 and 2001, HRM experienced 4.7% growth in our population, a pace faster than any other large Atlantic Canadian community.

Our region has also become a growth engine for many surrounding communities that benefit from a strong cluster of business and transportation services.

Economic activity continues to expand. Unemployment in HRM is falling and is low by historical and national standards, while employment is rising. Business confidence is among the strongest in the nation.  However, we cannot be complacent and take our success for granted. This growth will not continue unless we carefully nurture the conditions for growth.  The decisions and investments we make today and the priorities we set now will affect us over the next decade and well into the future.    If we want a prosperous future for our community, we have to build a dynamic, competitive and creative economy, which is equipped to meet the challenges of the new millennium.

The underlying question is: how can we better use our community resources so that our economy continues to grow at a sustainable rate, while giving us a competitive edge over other regional centres worldwide?

Achieving success will mean overcoming challenges.  The amalgamation of our four communities in 1996 paved the way for economic growth, regional cooperation, and cost efficiencies. Yet, with all our resources and potential for growth, our region still lacks a clear focus and direction regarding our economic future. To stay ahead of other regions, HRM needs a comprehensive economic development strategy that lays out a vision which can differentiate this region in the global economy.

The Building Blocks

The elements of a successful economic strategy are clear.  We will have to build a business environment that inspires entrepreneurship, that encourages existing business to take on the world in export markets, and that attracts inward investment. We need to create a healthy environment, where a wide range of educational and employment opportunities drive social inclusion and promote healthier lifestyles. This creative environment will drive a fast paced knowledge economy while retaining the history, culture, civility, and rich quality of place that makes us who we are.

The Economic Strategy we build will be a guidebook for the future.  It will embrace traditional values and build on our traditional strengths.   It will focus on people and the unique value we place on education. We will have to discard some of our old bad habits to re-invent our region as we move into the future.  Our business climate and our business approaches will have to become world-class.  We must develop new approaches for economic growth, ones that link community-to-community, urban and rural, region-to-region as well as business and government.  We will have to embrace diversity as the face of HRM changes over the next 10 years.   And, we must work as partners to succeed.

The Approach

To achieve this success the strategy is well thought out, systematic in its approach, and as comprehensive as possible in providing an overarching framework for promoting economic development. There are a number of initial steps in this process.

The strategy sets our vision for the economy of HRM and the goals we will need to achieve to make this vision a reality.  It is built on strong research that clearly articulates our competitive position and challenges.  We need to know how our business climate and economic development practices compare with the best.  We will outline ways our goals can be achieved, and we will identify the structures and organizations required to carry this effort forward. We will monitor the effectiveness of our strategy and hold ourselves accountable for its success. And we will consult with key stakeholders throughout this process.

Consultation

At this early stage in this process, there is no blueprint already prepared, no existing structure considered sacred and no preconceived outcome.  Our path forward will not be determined by where we have been, but where we are going.  Guidance will come not from those who speak loudest or longest, but from those with the best ideas.

Some questions consultation could address are:

• What do you value in our community?
• What can you do to ensure that these attributes will be here ten years from now?
• What are the most important problems we face?
• Why do these problems persist?
• What can be done to resolve these problems?
• What are the major social and economic trends occurring in North America and how will they affect our community?
• How can the leadership of HRM work to make this a better, more prosperous community?
• What are the most important investments we need to make as a community?

This consultation exercise offers a real chance for community leaders to let us know what they see as priorities, challenges and opportunities.  It is our hope you will participate fully in this important exercise.

Questions?  E-mail us at economicstrategy[at]halifax.ca

The task of building a truly creative society is not a game of solitaire.  This is a game we play as a team.

Richard Florida