Burnaby Economic Development Strategy (EDS) 2020
The City has an award-winning strategy for improving the local economy – the Burnaby Economic Development Strategy (EDS) 2020.
The aim of the Burnaby EDS 2020 is to make Burnaby even better.
Smart, prosperous, sustainable… this is Burnaby’s vision for the future of its local economy. Smart - an intelligent, practical approach to encouraging economic growth that contributes to a strong community. Prosperous - creating economic opportunity for business and citizens. Sustainable - growth that is consistent with Burnaby’s goals for quality of environment, community and life.
General Strategies + Sector Strategies
Adopted by Council on 2007 March 12, the Burnaby EDS 2020 has three main sections.
The first section has eleven “community wide” general strategies and contains some overarching themes. This part of the Strategy helps improve the platform on which economic development occurs.
The second section targets eleven different groups of industrial sectors. One of the key findings of the Cluster Analysis is that Burnaby has a number of industries which have located here in Burnaby in higher concentrations than in the rest of the region. These industries are thought to have "regional advantages": utilities; information, culture and recreation, construction, wholesale trade, other services, education services, manufacturing and retail trade.
The third section outlines steps to monitor progress and the timing to update the Strategy.
Some of these actions are very specific and can be easily implemented. Others may seem at first to be more undefined, calling for more research or collaboration en route to developing more specific plans. This is because this Strategy does not pretend to have all the answers. In some cases, the Strategy simply identifies areas that are worth exploring further.