The City of Yorkton is anticipating that 2015 will be another positive year of steady growth for the local business community, says Mayor Bob Maloney.
The trend for the city has been steady growth for the past several years, with increasing number of businesses opening in the city, as evidenced by business licenses increasing year over year.
The entrepreneurs are the base of the area’s economy, Maloney says, and while the city appreciates all business and loves to see a big facility open up, those are rare, it’s the new small businesses that are growing the economy on a consistent basis.
“People who open businesses generate a lot of income, and that income is invested back into the community. Small businesses have a pretty good record when you look at their per-capita income of investing, creating jobs and creating wealth.”
Yorkton is a unique situation because it’s positioned as a service center drawing from a wide range of smaller communities. Maloney says that this makes it an attractive place to take a risk and set up a business, and that is what keeps the economy going strong.
“Those mom and pop stores really do keep your local economy going. They’re renting space in somebody’s building, so if that building is rented out another one gets built. There’s a lot of things that turn your economy, and that’s why that entrepreneurial spirit is so important to any community. People who start businesses really fuel that economic engine.”
The city also still has gaps which only small business can fill. Maloney uses trucking as an example, as there are a large number of trucks moving through the city. More truck-focused industry is something which the city could use, whether it’s for service, repair or fuel.
The Parkland College’s Trades and Technology Centre is going to be something that is a big economic driver for the city, Maloney believes, because it’s going to meet the need of local business as well as inspire its graduates to start businesses of their own.
“To me that’s the beauty of a Trades and Technology Centre, because people in the trades are more likely to start a business.”
For the city, the goal is to make it possible for people to build their business in the city. That means developing subdivisions such as the new Roundhouse Subdivision, Maloney explains.
“It takes a big investment, but if you don’t make that investment they’re not coming. You have to lay the groundwork, and I think the city has a pretty good record of doing that. We’re ready for growth and we’re ready for new people, new businesses. It’s an important thing for cities to do, but it’s a difficult one since there are large investments for cities to lay that groundwork.”
While the province overall has been hit with major decreases in oil and gas prices, Maloney says that Yorkton’s diversity serves it well, with agriculture, potash, manufacturing and retail service all being major parts of the city’s economic layout. Some areas of the economy, such as manufacturing and agriculture, also tend to benefit from lower gas prices.
“While the provincial economy might struggle with oil and gas, I think our local economy is a bit more insulated.”
