Economic Diversification

Historically, the economies of rural communities have been very resource dependent, relying on forestry, mining and fishing for employment. The cyclical nature of resource extraction and processing in the mining and forestry sector based on swings in commodity prices and export trade, and a decline of the resource in the case of fishing, have created major challenges to the economic sustainability of communities.

Communities continue to adjust, and weather these downturns based on their tremendous resiliency. They are working hard and making great progress toward diversifying their economies as they expand into sectors like tourism, transportation and high techology.

There is a range of programs and resources available to rural communities to support diversification including regional trusts established by the Province for this purpose.

• The Columbia Basin Trust, which supports efforts by the people of the Columbia Basin to create greater self-sufficiency for present and future generations.
• The Nechako-Kitamaat Development Fund Society, which supports sustainable economic activity in northern communities affected by the Kitimat-Kemano project and by the creation of the Nechako Reservoir.
• The $185-million Northern Development Initiative Trust, an independent regional economic development corporation focused on stimulating economic diversification and job creation in northern and central British Columbia.
• The $50-million Southern Interior Trust, which helps grow and diversify the economy of the southern interior of British Columbia through economic development initiatives in 10 key sectors.
• The 50 million Island Coastal Economic Trust is managed by an independent board of directors and makes strategic investments in regional economic priorities such as forestry, transportation, tourism, mining, Olympic opportunities, economic development, small business, agriculture, and energy to help diversify the economy of the Central and North Vancouver Island and Sunshine Coast region.

Many more resources are available through the links on the left.

For further program funding and application information, as well as general advice, contact the RuralBC Secretariat.