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Central Alberta Entrepreneurs Receive New Support

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Two-year business incubation and acceleration program launches in Central region

$600,000 has been awarded to the Red Deer Downtown Business Association, as part of a regional economic development partnership, to launch Catapult Entrepreneurs, a business incubation and acceleration program that will support business start-ups and innovators in Central Alberta. This funding comes from Alberta Economic Development and Trade, and is part of the Alberta Entrepreneurship Incubator program, a $10-million pilot project delivered through Alberta Innovates over two years.

Catapult Entrepreneurs will give entrepreneurs access to professional business development advisors who can help them move their ideas forward, navigate greater innovation system supports and nurture the development of companies during the startup period.

“The Red Deer Downtown Business Association is thrilled to serve as the project sponsor and fiscal agent for this project. We’re excited to take leadership in sparking economic growth in Red Deer and across the region, and look forward to working in partnership with key economic development stakeholders in Central Alberta. This innovative project comes at just the right time, and Central Alberta is ready and well positioned for significant business growth.”

  • Amanda Gould, Executive Director, Red Deer Downtown Business Association

The project launched in Red Deer on April 1st and additional incubation satellite sited are currently being established throughout the region.

For more information, contact:

Danielle Klooster, Senior Business Development Advisor, Catapult Entrepreneurs

403.391.8443 [email protected]

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Taxpayers Federation calls for transparency on World Cup costs

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From the Canadian Taxpayers Federation

Author: Carson Binda 

“Toronto taxpayers can’t afford to pay for soccer games that are almost a hundred million dollars over budget already”

The Canadian Taxpayers Federation is calling on Vancouver Mayor Ken Sim to release updated cost estimates for the FIFA World Cup games scheduled for 2026. The CTF is also warning Toronto taxpayers that FIFA bills are spiralling in that city.

“Vancouver taxpayers deserve accountability when hundreds of millions are on the line,” said Carson Binda, British Columbia Director for the CTF. “Costs have ballooned in Toronto and Vancouver needs to be honest with its taxpayers about how much the soccer games are going to cost.”

Recent financial estimates have blown past the initial budget in Toronto. In 2022, Toronto expected the total cost of hosting world cup games would be $290 million. That number has now ballooned by 31 per cent to $380 million.

“Toronto taxpayers can’t afford to pay for soccer games that are almost a hundred million dollars over budget already,” Binda said. “That’s unacceptable when taxpayers are getting clobbered with higher taxes.”

Currently, the cost to host seven games in Vancouver is up to $260 million, however the provincial and municipal governments have consistently failed to produce updated cost estimates.

“What are Premier David Eby and Mayor Ken Sim hiding?” Binda said. “They need to stop hiding the numbers and tell taxpayers how much these soccer games are going to cost us.”

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Economy

Canada’s struggling private sector—a tale of two cities

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From the Fraser Institute

By Jason Clemens and Joel Emes

” the private sector must generate the income used to pay for government bureaucrats and government programs. When commercial centres have lower median employment incomes than capital cities, the private sector may be in real distress. “

According to almost every indicator including economic growth, business investment, entrepreneurship, and the employment and unemployment rates, Canada’s private sector is struggling.

A novel way to think about the sorry state of the private sector is to compare income levels in “commercial” cities (basically, cities with little to no provincial or federal government activity and largely characterized by private business activity) with income levels in capital cities, which are dominated by government.

Since the beginning of COVID (February 2020) to June 2023, government-sector job growth in Canada was 11.8 per cent compared to just 3.3 per cent for the private sector (including the self-employed). Put differently, the government sector is booming while the private sector is anemic.

The marked growth in employment in the government sector compared to the private sector is also important because of the wage premiums paid in the government. A 2023 study using data from Statistics Canada for 2021 (the latest year of available data at the time), found that—after controlling for factors such as sex, age, marital status, education, tenure, industry, occupation and location—government workers (federal, provincial and local) enjoyed an 8.5 per cent wage premium over their private-sector counterparts. And this wage gap does not include the more generous pensions typically enjoyed by government workers, their earlier retirement, and lower rates of job loss (i.e. greater job security).

According to a separate recent study, five of the 10 provinces (British Columbia, Alberta, Saskatchewan, Quebec and New Brunswick) have a distinct commercial centre other than the capital city, and in all five provinces in 2019 (pre-pandemic) the median employment income in the capital city exceeded that of the commercial centre, sometimes by a wide margin. For example, the median employment income in Quebec City was $41,290 compared to $36,660 in Montreal. (The study used median income instead of average income to control for the effect of a small percentage of very high-income earners that can influence the average income for a city.)

Remember, the private sector must generate the income used to pay for government bureaucrats and government programs. When commercial centres have lower median employment incomes than capital cities, the private sector may be in real distress.

Equally as telling is the comparison with the United States. Twenty-three U.S. states have a capital that’s distinct from their main commercial centre, but among that group, only five (North Dakota, Louisiana, Wisconsin, Ohio and Kentucky) had capital cities that clearly had higher levels of median employment income compared to the main commercial centre in the state. This is not to say the U.S. doesn’t have similar problems in its private sector, but its commercial centres generate higher median employment incomes than the capital cities in their states, indicating a potentially better functioning private sector within the state.

Many indicators in Canada are flashing red alerts regarding the health of the economy. The comparative strength of our capital cities compared to commercial centres in generating employment income is yet another sign that more attention and policy reforms are needed to reinvigorate our private sector, which ultimately pays for the government sector.

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