Economic Development Week is May 11-17, 2025 — a time to spotlight the work that builds stronger, more resilient communities. To mark the week, this article breaks down what economic development is, why it matters to Calgarians’ everyday life and how Calgary’s long-term economic strategy is shaping a prosperous, inclusive and future-ready city.
Founders closing deals. Thirty-somethings starting a new career. Students landing a work-integrated learning gig. Newcomers finding meaningful work — and a sense of belonging. This is economic development in action.
To some, the term ‘economic development’ may sound like policy jargon. But in reality, it’s the foundation of a livable, future-ready city.
Calgary is intentionally building this future. It’s a place where bright minds, bold ideas and an unmatched community spirit come together to tackle global challenges and create local opportunity.
This mentality drives Uplook: An Action Plan for Our Economy, Calgary’s economic blueprint and the foundation of our work at Calgary Economic Development (CED).
What is economic development?
Economic development is the strategic work of attracting investment, creating jobs and building a strong local economy by fostering conditions where businesses and people can thrive.
In Calgary, it’s also about resilience, ensuring our city remains competitive and inclusive for generations to come.
More than just businesses, economic development is about people. The United Nations and the World Bank define economic development as expanding people’s freedoms and choices across economic, institutional and social systems.
In Calgary, it means creating conditions for companies to succeed, communities to prosper and Calgarians to build fulfilling lives and careers right here at home. This is a team sport, requiring collaboration among civic organizations, governments and the private sector.
Why it matters
Calgary has experienced the boom-bust rollercoaster more than once. Now, in a time of global economic uncertainty — from inflation and trade disputes to disruptive technologies like AI — cities need to be agile and proactive.
This is where intentional planning and execution comes in.
By leading with data, supporting innovation and fostering local and global partnerships, CED helps position Calgary to not only weather economic headwinds but lead in the face of them.
Calgary’s economic plan for the future — Uplook
At the heart of Calgary’s approach to economic development is Uplook — our economic action plan for long-term prosperity.
To ensure growth translates into a better quality of life for all Calgarians, we look beyond traditional economic indicators like GDP, employment, and inflation. Instead, Uplook focuses on where Calgary can lead — locally and globally — by driving innovation, attracting world-class talent and telling a bold story of opportunity.
While CED is the steward of this plan, its success depends on collective action. From civic organizations to small business and global companies, everyone plays a role in shaping Calgary’s economic future.
The plan is built on five connected focus areas: innovation, livability, talent, business environment and brand. Together, these pillars guide programs and initiatives that aim to create a more resilient, inclusive and future-focused economy.
Developed through input from the Calgary community, Uplook aligns with the United Nations’ Sustainable Development Goals (SDGs), supporting inclusive growth, reduced inequality, climate resilience and decent work for all.
Uplook works in tandem with other ambitious CED-led initiatives like Calgary’s Innovation Strategy. Set to create up to 187,000 new jobs and $28 billion in economic impact by 2034 through the creation of sector-specific innovation nodes, the new strategy will shape Calgary’s innovation economy for decades to come.
Photo: Hubert Kang
How we do this for Calgary
Plans are imperative to strategic growth, but action and outcomes indicate what’s working.
As stewards of the economic action plan, Calgary Economic Development drives economic diversification as a connector, conduit and storyteller for Calgary.
To guide bold strategies like Uplook, we rely on applied foresight — using data, trends and scenario planning to make informed decisions about Calgary’s future — 10, 20 and 50 years from now.
This future-focused lens allows us to support long-term resilience and adaptability. By analyzing what’s on the horizon — in technology, policy, demographics and beyond — we help position Calgary to lead with confidence in an increasingly complex and fast-moving world.
In 2024 alone, we helped attract or retain 51 companies, supported the creation of over 2,900 jobs and brought $719 million in investment to the city.
At the core to these milestones, CED accelerates economic diversification by focusing on the growth of key sectors with strong potential — such as clean energy, agribusiness, technology, life sciences, and film and television.
Our team supports companies setting up or expanding here — through resources ranging from international trade missions to navigating local ecosystems. Last year, we helped expand 3.2 million sq. ft. of commercial space and facilitated 42 trade deals.
The Opportunity Calgary Investment Fund is a tool we use to accelerate inclusive economic development. Strategic investments from the fund support high-impact companies driving innovation and job growth. Since 2018, it has driven upwards of $925 million in economic impact in Calgary, while annual venture capital investment has soared by 1,000 per cent.
Through strategic storytelling, our team also helps the companies and decision-makers around the world see Calgary differently — like through our recent ‘It’s Possible’ campaign, which showcases our story of grit and optimism.
A city for everyone
Economic development isn’t just for economists or entrepreneurs — it’s for all of us. Whether you're building a career, launching a startup, raising a family or exploring new opportunities, a strong economy means more options, better quality of life and a brighter future.
When you see a new company setting up shop, a new job posting in your field or a new program supporting workers to develop the skills they need to thrive, you’re seeing economic development in action.
The future of Calgary is something we build together. Explore our economic action plan, Uplook, and see how you can be part of shaping what’s next.