According to Mayor Chris Spearman southern Alberta relies heavily on agriculture for support, Tawnya Plain Eagle reports.
Given the recent downfall of the Canadian dollar, Mayor Spearman says it’s a great time to be producing and exporting agriculture products locally.
“The real value of economic diversification and economic development is that we grow it here, process it here, and export it here,” says Spearman.
Farmer Credit Canada says supporting local producers is essential for Lethbridge.
According to a 2011 Lethbridge County study agriculture’s total annual contribution to the local economy is more than $1.1 billion annually. District Director Blaine Gorrell says agriculture will always play a major role in southern Alberta. Gorrell says that if markets remains strong, Lethbridge and the surrounding area’s economy will benefit.
“Agriculture has always been key in southern Alberta, so regardless of where the oil industry goes, agriculture will always play a part in the local economy,” says Gorrell.
Gorrell says it’s the consumer that suffers when the Canadian dollar is weak. That’s because it makes purchasing imported goods from other markets with stronger currencies more expensive.
The Canadian dollar currently sits at 69 cents per U.S. dollar. Spearman says a weak Canadian dollar makes Canadian products cheaper and therefore more attractive to international markets, including the U.S.
