THUNDER BAY — Four organizations are looking to analyze the Indigenous impact on Thunder Bay’s economy.
The Thunder Bay Community Economic Development Commission announced a new project in collaboration with Fort William First Nation, Anishnawbe Business Professional Association, and the Nishnawbe Aski Development Fund, that will help determine the impact of Indigenous businesses and consumers on the city.
The project is planned to produce a comprehensive analysis, with key metrics including total gross output, total gross domestic product, total labour income, indirect taxes, and jobs created by Indigenous businesses.
“But, also as a regional hub, communities are visiting constantly, whether that be for education, health care, or just general shopping,” said Jamie Taylor, chief executive officer with the CEDC.
“We want to be able to quantify that value — because we feel it is significant in our community and we want to really value what Indigenous people and businesses are bringing.”
The project is supported by a steering committee made up of members from the four collaborators on the project. They hope to underscore a commitment to fostering economic growth, supporting Indigenous businesses, and enhancing the overall well-being of Thunder Bay.
Indigenous and Communities Inc. - in partnership with Big River Analytics - was the successful vendor for the Indigenous economic impact analysis of the City of Thunder Bay and will work closely with the project's collaborators and local businesses to determine exactly how much impact Indigenous spending has on Thunder Bay.
The first draft of the analysis is expected to be completed later this year.