Fort McKay First Nation an example for economic success: study
Posted Mar 1, 2018 6:56 am.
This article is more than 5 years old.
A new study is citing the economic success of a small northern Alberta first nation as an example for others.
According to the Fraser Institute, Fort McKay-owned and joint-owned businesses earned over $500 million annually over the past five years.
Fort McKay’s average after-tax income was also higher than the Alberta average in 2015, at over $73,000.
The reports’ author Tom Flanagan said it’s all because the indigenous community seized economic opportunities.
“It’s unusual in that it doesn’t actually produce any oil. It’s become successful by offering services to the oilsands companies, so, it shows there are many ways to financial success,” he said.
Fort McKay, with just 900 members, is quite small, but Flanagan said there are still things larger communities could learn from its economic workings.
“There are lots of First Nations that are doing well, Fort McKay is not the only one by any means. You know, there’s dozens I could have picked for a case study. I picked this one because it was of special interest to us in Alberta, but there are many others that are, you know, in different ways achieving prosperity,” Flanagan said.
