The Economic Development Strategy is the result of learning from the past, using the knowledge of today and developing a vision for the future. This vision sees Yellowknife as a city open for business, serving a diverse business community in an evergreen city.

At its meeting on March 22, 2021 Council adopted the proposed Implementation Plan for the recommendations arising from the City of Yellowknife Economic Development Strategy 2020-2024.

Key Sector Visions at a Glance

The city’s strategic plan focuses on reinforcing core industries while fostering new avenues for economic enhancement:

  • Mining and Resource Development

    While diamond mines have been integral to Yellowknife’s economy, the vision also extends to responsible development of critical minerals and precious metals. The future of this sector is focused on advanced exploration technology, local value-added processing, and strict environmental stewardship. This ensures that the wealth generated from the land remains in the North, fostering a skilled local workforce and world-class expertise in cold-climate resource extraction.

  • Tourism

    Yellowknife is known as one of the best places on Earth to view the Aurora Borealis. The economic vision elevates tourism beyond seasonal viewing to an experiential and near year-round industry. This includes investing in cultural and Indigenous tourism experiences, promoting the city's unique history (such as the legacy of the Gold Rush), and developing infrastructure for eco-tourism and northern adventure travel, positioning Yellowknife as a premier Arctic destination.

  • Giant Mine Remediation

    The decades-long, multi-billion-dollar remediation of the Giant Mine site is not only an environmental obligation; it is a major economic driver. The vision is to maximize local and Indigenous employment and procurement opportunities within the project. It provides an unparalleled chance for Yellowknife to become a global leader and training ground for expertise in complex, large-scale environmental reclamation and permafrost engineering.

  • Construction

    Future growth in the construction sector will be focused on infrastructure improvements, developing efficient, northern-specific housing solutions, and supporting major public and private projects. The emphasis is on adopting sustainable building materials and energy-efficient designs that reduce the cost of living and minimize the city’s environmental footprint.

  • Entrepreneurship

    A vibrant entrepreneurial ecosystem is essential for diversification. The vision supports the growth of knowledge-based industries, particularly in areas like technology, logistics, and professional services tailored to northern needs. Initiatives are aimed at lowering barriers to entry for new businesses, providing mentorship, and attracting investment to turn local ingenuity into market-ready enterprises.

Partnership with the Yellowknives Dene First Nation (YKDFN)

Central to the entire economic strategy is a deep, respectful, and ongoing partnership with the Yellowknives Dene First Nation (YKDFN). The vision recognizes that true economic prosperity requires working in tandem with the Indigenous rights holders whose traditional territory encompasses the city.

Cooperation with the YKDFN is woven into every economic pillar, ensuring cultural integration. Traditional knowledge and cultural values inform decisions across all sectors, particularly tourism and environmental management.