An annual report indicates work conducted by the Sault Ste. Marie Economic Development Corp. generated economic activity of roughly $13 million.
In 2013, the corporation conducted more than 400 client consultations with company owners and aspiring entrepreneurs, which led to 32 business startups and expansions, created or retained 279 jobs, and supported a total community investment of about $13.1 million.
Also in 2013, activity from the corporation’s Tourism Sault Ste. Marie division — specifically, in attracting events and selling vacation packages — generated 18,918 visitor days, which led to $2.73 million in direct visitor spending and millions more dollars in indirect economic activity.
Furthermore, the corporation received $1.62 million in operating funds from the city in 2013, which represented about 1.4 per cent of the municipality’s total expenses, and the corporation used this core investment to secure $1.78 million in additional funding from senior levels of government and the private sector.
Along with the highlights mentioned above, the SSMEDC’s 2013 annual report includes the corporation’s audited financial statements and key community economic development initiatives that were advanced throughout the year, including the Ontario Lottery Gaming modernization project, deep-water port development, a small business incubator pilot program, downtown/waterfront redevelopment projects, and a tourism initiative based on the iconic Group of Seven artists.