As with much of rural Newfoundland, Channel-Port aux Basques has seen a contraction of the local economy after the downsizing and closure of many significant industries in recent years. The community has lost the railway and the majority of its fishing industry within the past two decades. This has left one major economic contributor in Marine Atlantic. This company has seen employment growth in recent years and remains the foundation of the regional economy.
To promote growth and diversification within the economy, Council has embarked on a Strategic Economic Plan. The aim of this process is to identify potential economic development opportunities that will provide stability. With a clear vision for the future of the economy, the Town can work toward enhancing the prosperity of the community.
This document should be viewed as a community initiative, not merely an undertaking by Council. Economic development is an entire community effort and is best achieved when all groups, organizations and individuals participate in the process. Every resident will benefit from economic development since community growth is directly tied to its success. Family and friends that have migrated from the community may return, new housing developments and employment opportunities for the unemployed are common results of economic development that benefit all members of the Town.
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