Traditionally, the Town of Milk River has been primarily a service centre to the surrounding agricultural industry with diversification occurring gradually. Its location between the United States border and Lethbridge/Calgary places Milk River in a high traffic tourist and trucking corridor.
During 2000 the construction began on the twinning of Highway 4, part of the CANAMEX corridor. The CANAMEX project aims at creating a transportation corridor between Mexico City and Alaska. In Canada, the CANAMEX Corridor will link Montana, Alberta, and British Columbia and connect to the Alaska Highway. This corridor has improved highway travel and trade to, from and through the Town of Milk River.
The Alberta economy has increasingly become more diversified and relies less on the traditional resource based industries. The main economic base in Milk River is agriculture. Nonetheless, the town has been successful in becoming more diversified in the types of industries and businesses locating in the municipality.
As much of the province has been experiencing population growth and economic expansion, the Town of Milk River has reap some benefits from this continued growth. As Alberta’s economy continues to grow and change, the Town of Milk River can expect to be influenced by it. A diverse economy is less likely to be adversely affected by market forces. The town administration promotes a growing and diversifying economy; the future economic growth in the town reflects that of the province. Milk River has not experienced significant growth since 1991 but a strong provincial economy and the commitment to the CANAMEX trade route could significantly impact the future of the community.
The Town acknowledges the importance of the downtown core as the business hub and has commenced a downtown revitalization and beautification program to improve the quality of life for its residents and to enhance its appeal for tourism and inward investment. Committed to the growth and development of business in Milk River. The Town is an active member of SouthGrow Regional Initiative which promotes economic development within southern Alberta.
The Town is also a proud partner with Community Futures who offer professional business services, including:
- start-up assistance: incorporation assistance and business planning
- business loans up to $150,000
- business counselling
- small business training courses
- research assistance
- community economic development grant.
For more information about Community Futures, click HERE to visit their website.