SOARR Assessment

A SOARR Assessment is a model for reflecting on strategic planning by studying identified Strengths, Opportunities, Aspirations, Risks, and Results (SOARR). It is a forward-looking model, taking elements of what would traditionally be affiliated with a Strengths Weaknesses, Opportunities and Threats (SWOT) analysis. It then uses insights gained through stakeholder consultations to inform what is desired for the future and how to know when our aspirations have been met (see Figure 9).

Figure 9: Data Points that Influence SOARR Assessment

Figure 10: Key Considerations for a SOARR Analysis

Oil and Gas

The oil and gas sector is the most important economic driver for the region. With over 11,000 active oil/gas wells and 184 businesses supporting the industry, the community’s economic well-being relies on the cyclical highs and lows of this sector. While still an incredible strength, the sector has substantially declined in recent years due to a drop in global oil prices and various economic shocks. Multinational firms like Esso have a long-established history and relationship within the community, operating for 40+ years.

Affluent Community

When compared to the province, the M.D. recorded median average household income of $171,014, above that of Alberta at $145,808. The Town is slightly below at $134,379. Furthermore, both the M.D. and Town are home to several wealthy businesspeople and investors who could help promote economic development activities.

Indigenous Communities

Cold Lake First Nations, Kehewin Cree Nation, and two Métis Settlements (Elizabeth and Fishing Lake) generate significant economic activity in the region. There are excellent business development opportunities (e.g. unmanned systems training and cultural tourism) if partnership is better developed.

Land Prices

The M.D. and Town have less expensive land prices compared to other areas, with a slight fall in prices recorded. Overall, this supports business and resident attraction initiatives.

Agriculture

With over 706,085 acres of total farm area and gross farm receipts topping $102.4 million in 2016, up 48% from 2011, agriculture forms a key part of the regional economy. Notable crops include alfalfa, canola, barley, wheat and hay and is host to many livestock and poultry farms.

Agriculture diversity … more diverse here as anywhere in Alberta … bison, vegetable, etc. … kind of hidden and hard to find … for the newbies it’s difficult to find what is needed

Al’s Carrots

Tourism

Hamels – meat cutting (also want to take over the small Bonnyville is a destination for those who want to enjoy Abbatoir, if they are willing to sell).the natural environment. For example, bird watching enthusiasts flock to Jessie Lake every Spring to spot the Vet – new construction nearly 200 bird species that use the lake as a stopping ground on their migration route. There are also 81 named lakes providing year-round recreational activities and seasonal accommodation. The proposed Kinosoo Ridge Master Plan envisions the M.D. and Town as a four-season tourism destination, that includes further trail development, accommodations, and a number of adventure-based activities. Increases in sports tourism, leveraging regional recreational assets, and growth in micro-breweries and other agri-tourism attractions are also promising within the area.

Note: A more detailed breakdown of opportunities is discussed in section 6 below.

Oil and Gas

Although on a short and potentially long-term decline, the oil and gas sector still presents numerous opportunities for economic development. Areas such as levering oil and gas deposits, upskilling workforce and increasing focus on technology integration (e.g. use of drones) possess potential. The Orphan Well Fund also provides opportunities for local entrepreneurs and landowners.

Retail and Services

The Town of Bonnyville’s downtown acts as an important regional hub for businesses and services. Historically, the downtown area has been largely reliant on the oil and gas sector to fuel business growth and sustain the economy. The recent economic downturn has left the area in need of revitalization. In 2009, the Town developed a Downtown Area Redevelopment Plan and opportunities exist today to focus on updating and implementing this plan.

Workforce Development

Similar to the retail and services sector, workforce development is not a core economic driver but rather a supporting activity that is important for the whole economy. There are substantial opportunities for the Town and M.D. to collaborate on skills and training initiatives to help transition workers into emerging sectors (e.g. renewable energy). Partnerships with local education bodies and government agencies (e.g. Community Futures) are essential in building workforce opportunities.

Proteins & Ag Tech

The M.D. of Bonnyville is a strong agricultural player within the region, with over 706,085 acres of total farm area. There may be value-added opportunities for alfalfa and strengthening the food processing side of operations.

Tourism & Quality of Place

With numerous lakes and campsites, the Town and M.D. of Bonnyville are well-positioned to build the tourism economy. Developments such as Kinosoo Ridge highlight the region’s commitment to strengthening this sector. Tourism opportunities would increase further if environmental concerns over the quality of lakes are addressed.

Tourism

Renewable Energy

Alberta has seen significant investments in solar, wind and geothermal power over the past several years. Locally, there are opportunities for the M.D. and Town to capitalize on these investments and increase the size of the local sector.

Military Procurement

The proximity to CFB Cold Lake (4 Wing) and nearby CFB Edmonton and Wainwright represent a variety of opportunities that could be further defined.

▪ Population Growth – More people to keep jobs, workers, and families within the region and to attract more outside investment. ▪ Entrepreneur Development – More support services to help businesses transition to other sectors and to encourage business start-ups. ▪ Place-Building – Enhance amenities across the region to attract residents and businesses. ▪ Collaboration – Improve relationships between partners, especially neighbouring municipalities, and local indigenous groups, to ensure joint progress on mutual interests. ▪ Lake Rehabilitation – More resources are needed to preserve and enhance these critical natural assets, which are essential to tourism development and quality of place. ▪ Marketing – Improve joint marketing efforts to brand the region as a preferred destination for visitors, new residents, and businesses. ▪ Tourism Development – A region where there are excellent natural tourism assets being used for four-season tourism activities (camping, hiking, four-wheeling, boating, skiing, snowmobiling, etc.). The Kinosoo Ridge

Master Plan has been implemented and there is a small but thriving tourism sector locally.

▪ Become a destination – Leverage the ‘staycation’ mentality that has occurred during COVID-19. Using natural assets as a hub of visitor activity. ▪ Growth in cultural and agri-tourism activities. ▪ Diversification away from the oil and gas sectors – Although critical for the economy, residents want a more resilient economy with economic development activities not solely reliant on the booms and busts of the oil and gas sector. ▪ Develop retail – Stakeholders expressed desire for a broader array of retails options (e.g. box stores) to help create a thriving and bustling business and residential community. ▪ Revitalization of Business Neighbourhoods – Survey participants were clear they want to redesign some industrial and commercial parks and make the downtown more inviting for visitors and residents.

Internal

▪ Ageing Infrastructure. ▪ Poor attitude towards change. Too comfortable. ▪ Unwillingness to compromise or seek mutually beneficial partnerships.

External

▪ Reliance on the oil and gas sector (e.g. royalties, number of businesses, national/global policy changes). ▪ Environmental (e.g. health of lakes). ▪ Availability of workforce. ▪ Perception of geographic isolation.

Social / Community

▪ Ability to attract and retain health care practitioners. ▪ Failure to consider existing built and cultural heritage in planning decisions. ▪ Establishing a sense of community identity and future vision that is supported by all.

Results

Collaboration

▪ Have clear mutually-aligned interests with businesses. ▪ Town and M.D. consistently work together towards vision. ▪ Engaged local indigenous groups and municipalities. ▪ More consistent engagement with residents and business community to understand needs and vision.

Environmental Recovery and Tourism Development

▪ Town and M.D. have a clear tourism plan and have a critical mass of product, infrastructure and events. ▪ Revitalization of downtown and fostered pride of place. ▪ Clear plan to restore health of lakes through collaboration with provincial and regional partners.

Business and workforce development; economic diversification

▪ Have established support networks for existing business community. ▪ Availability of entrepreneurship resources. ▪ Talent attraction and retention polices in place. ▪ Achieved economic diversification by investing in other sectors.