Economic Base Analysis - Investment Focused Strategy
Collingwood 2000/2005

Introduction

The purpose of this report is to stimulate discussion among stakeholders about Collingwood’s current and future economic priorities and help provide a solid foundation for Collingwood’s new strategy for sustainable economic development.

During the summer of 2005 the Town of Collingwood undertook an economic base analysis of the local economy as a prelude to updating the economic development strategy developed in 2000. This is a good indicator of sustainability as it shows changes in the composition of the local economy.

The analysis profiles Collingwood’s economy as of December 2004, measuring the relative strength of each industry sector and the changes that have taken place in the composition of the economy over the last five years. These changes are then compared to the performance of each industry across the rest of the province.

Location Quotient and Shift/Share Analyses are standard analyses in economic development and represent very useful tools to identify strategic targets for the community’s economic development programs. We have highlighted what we believe to be the most significant findings arising from this analysis to help focus discussion on those issues that most affect Collingwood’s economic development.

Significant Findings from the Analysis of Collingwood’s Economy

1 - Manufacturing employment is declining relative to the province and the sector should be designated a “High Priority Retention Target.”

2 - The “Knowledge-Based Services” (Finance & Insurance, Professional & Technical and Business Services) are emerging as growth industries for Collingwood.

3 - Tourism is Collingwood’s dominant industry and is driving growth in other sectors of the economy.

4 - Collingwood is an integral part of a regional labour market. 20% of Collingwood’s employed residents work outside the community while 47% of the jobs in Collingwood are filled by Non-residents.

5 - Residential development in Collingwood is outpacing non-residential, leading to an imbalance in the local economy. Replenishing the inventory of serviced employment land in Collingwood must be one of the highest priorities in the new economic development strategy.

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