November 7, 2017
The Department of Industry, Tourism and Investment (ITI) has released the first Performance and Measures Report for the 2013 NWT Economic Opportunities Strategy. It demonstrates how the NWT economy has benefitted from public investments made in support of the Strategy’s goals and objectives.
The performance measures and indicators described in the document offer a gage to the Strategy’s economic impacts and early progress. They are described alongside anecdotal accounts and stories of NWT residents succeeding in our mutual objective to realize greater economic strength and prosperity.
Notable highlights in this initial report are:
- In 2014, the annual revenue for the business sector was approximately $106.8 million, up from $85.8 million in 2012; an increase of nearly 25 percent over the two-year period.
- Despite, a downturn, the number of registered businesses remained consistent from 2014 to 2015.
- Tourism visits increased by 11 percent to 94,295 from 2014/15 to 2015/16. The Aurora visitation segment experienced the most significant increase: 48 percent from 2014/15 to 2015/16
- As of March 31, 2016, a total of 669 artists were registered with the NWT Arts Program; an increase from the prior year of 235 artists or 54%.
- An invest of $94,000 in the NWT Film Rebate Program in 2015/16 resulted in a total of $345,000 in leveraged NWT expenditures from three film productions.
- In 2014, the estimated revenue derived from Manufacturing was approximately $34.8 million; up from $12 million in 2012.
- The number of commercial vessel fishing licenses increased by 18% from 2014/15 to 2015/16.
- The NWT timber harvest doubled between 2014/15 and 2015/16; from 2,411 to 5,780 cubic metres.
The EOS Performance and Measures report will be an annual publication.
With coordinated compilation, evaluation and analysis of its data over the multi-year implementation of the EOS, ITI will gain a measured understanding of the impact the Strategy is having on the NWT economy.