Finance Minister and Chamber discuss budget’s benefits to business owners

Toews expects a number of big announcements investment-wise across Alberta over the coming few months, and he believes the Red Deer region will play a big part.

He also noted the province’s petrochemical incentive program, notable for Red Deer’s proximity to operations in Joffre.

“That program covers carbon capture and storage infrastructure, and is a big deal for this region in terms of petrochemical manufacturing and production,” he says.

Toews says investments in post-secondary and things like the Red Deer Regional Airport’s expansion all benefit local businesses.

“Our $30 million that we’ve allocated to the airport will put Red Deer into the big leagues in terms of a hub for logistics, a hub for warehousing, and even a hub for airlines choosing to make Red Deer a stop even for passenger service.”

Toews also told attendees that while economists predict Canada could experience a shallow recession for a couple quarters this year, major banks believe Alberta will be unaffected.

Further, he says, Alberta is projected to lead GDP growth over the next two years.

Chamber CEO Scott Robinson says businesses certainly do have things to be happy about with respect to the budget, namely continuity and stability around the overall business tax rate.

“They lowered it in 2019 to eight per cent from twelve. Although we then went through the pandemic which probably muted any kind of benefits there, but longer term, the business community benefits from a lower corporate tax rate,” says Robinson.

“In addition, there’s the continued investment into labour development strategies for our province. We know from our membership that labour issues are the number one issue right now, in addition to inflation and some of those things which are certainly outside of our control. Attracting more people to central Alberta and Red Deer to fill positions is a critical factor.”

Robinson admits there’s likely little the province can do about inflation because of how big a role macro global events play.

But he does believe the government is listening, and that’s reason, he says, for optimism among business owners, even as many are still recovering from the affects of the COVID-19 pandemic.

“We had a few members here today raise some issues, and that’s good. I think that’s why we have these forums. Now it’s up to us as the Chamber to make sure we hold their feet to the fire,” he says.

“For central Alberta and Red Deer in particular, we’ve got to be focused on that economic development piece. How can we bring more industry and more businesses to this area and take advantage of what the great things are that we have here — which will, of course, then benefit everybody.”

MORE 2023 BUDGET COVERAGE

Mayor, provincial leaders speak on future of hospital expansion following budget

Mayor Johnston and Alberta Municipalities give budget reaction

Red Deer mayor discusses possibilities in the downtown at Chamber of Commerce luncheon

Four central Alberta school divisions receive provincial infrastructure funding in budget

Central Alberta Sexual Assault Support Centre says sexual violence victims left behind in Budget 2023

Education budget supports hiring of 3,000 staff

Health care budget aims to tackle wait times and doctor shortage

$30 million for Red Deer Regional Airport means increased access and safety

by Josh Hall (Twitter: @Vancan19)

Finance Minister and Chamber discuss budget’s benefits to business owners

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