The Town of Peace River is committed to supporting the local business community as we all work together to build a strong local economy that benefits businesses, workers, and residents alike. In partnership with Ballad Group, the Town of Peace River has developed its 2024 Investment Attraction Strategy, which identifies four future industry opportunities to help drive local economic growth. These opportunities leverage existing strengths within the local economy to capitalize on regional, national, and international market trends.
The area surrounding Peace River is rich in lithium deposits, a key component in battery technology powering electric vehicles and renewable energy storage. With the global lithium market projected to experience exponential growth due to rapidly increasing demand for lithium-ion batteries, opportunities abound in Peace River for lithium mining and service companies to leverage the existing and highly transferrable oil & gas supply chain by tapping into local skilled labour, specialized equipment, accommodation options, and ancillary services.
Vertical farming, which uses advanced hydroponic and aeroponic systems to grow crops indoors, is on the rise in Canada. Economic feasibility typically requires a minimum population of around 2,000 people in the vicinity, and small-scale operations boast an impressive profit margin of 50-60%. Vertical farming in Peace River could maximize the use of existing commercial properties to provide a local alternative to imported produce, strengthening local supply chains.
Peace River serves as a commercial hub for surrounding rural communities, presenting an opportunity for continued food & retail growth. Food establishments and retailers in Peace River benefit from proximity to transportation routes, access to suppliers, and a stable customer base. Retailers expanding into Peace River can capitalize on untapped market demand for products and services not currently available in town.
Peace River, by way of chartered flights to the Peace River Regional Airport (YEP), is a gateway to Peace Country's vast wilderness and premier hunting opportunities. The region is home to abundant migratory bird, moose, and deer populations amidst scenic natural landscapes. Hunting outfitters can benefit from local businesses that provide equipment rentals, guided tours, transportation services to sites, and a range of accommodation options.
