Fort MacMurray recently ranked #4 on the list of top entrepreneurial cities according to the Canadian Federation of Independent Business, and Alberta cities seemed to dominate the list. The 2014 Entrepreneurial Communities states report “No city would be a city if not for entrepreneurs. Some entrepreneurs were attracted to the advantages of a certain location, while others saw the benefits of large and growing markets for their products. Those areas that grew the fastest, or the most, did so because the commercial advantages were the greatest relative to other areas.” Fort MacMurray is considered one of the economic centers in Alberta, with a booming economy in spite of the remote location. The fact that this city is number four on the report and list is not surprising.
The 2014 entrepreneurial cities report continued by explaining “One often sees higher entrepreneurial activity in resource regions as well–although economies there can suffer from wider boom and bust business cycles. Favourable resource development conditions will attract businesses seeking to service increased activity—and, when conditions deteriorate, a strong base of experienced business owners often becomes the primary pillar of community support.” In 2013 Wood Buffalo only ranked #14, so the fact that Fort MacMurray came in at #4 this year shows incredible improvement as far as efforts to make the area friendly to entrepreneurs. In order to determine the ranking for each city on the list the report took into consideration 3 areas and a total of 14 indicators, so each ranking reflects the value of the area as well as entrepreneurial activity.