Review of development corporations to strengthen regional economic growth

A review of Prince Edward Island’s two urban regional development corporations will better position the entities as catalysts for strong, sustainable economic development.

Community and business leaders Fred Hyndman and Nicole Morrison, along with Deputy Minister of Finance David Arsenault, were mandated to conduct a review of the Charlottetown Area Development Corporation and the Summerside Regional Development Corporation. The committee was tasked to assess the continued relevance, effectiveness and positioning of the two organizations, having in mind that the entities were established more than 40 years ago to pursue urban economic development.

Following consultations, the group completed the task and shared their findings with government.

The Committee interviewed many of the key partners and stakeholders of CADC and SRDC. They noted consistent messages from the various groups, with several central themes:

- A shift in organizational focus over the years from strategic economic development to managing assets; and

- The need for renewed mandates, with clear goals of economic growth.

 “Strong, sustainable urban economic development in the province is essential to economic growth in all parts of Prince Edward Island,” said Premier Wade MacLauchlan.  “As a result of this review, provincial officials will explore a process to have the shares of SRDC and CRDC consolidated under provincial ownership. Further, government will work with municipalities, community and business leaders  to map out economic  development and growth scenarios for the province that will include consideration of our economic geography tied to urban development and related infrastructure needs.”

 

Media contact:

Mary Moszynski

Acting Director of Communications

Office of the Premier

902-368-4400

mamoszynski@gov.pe.ca