Ever since the beginning of time, a city’s well being and economical development is based on the profitability and attractiveness of its main industry. Sudbury is a city whose main industry is mining and currently facing economical stagnation due to the lack of industry diversification, ageing population, net migration (in-migration – out-migration) and higher education.
Sudbury was established in the early 1800’s and its main activities were lumbering and mining. Today, only mining is left as its main industry which is on a moribund since the 1970’s and causes the local economy to stagnate. About 80% of Sudbury’s jobs are offered by existing companies which means that the economy is not growing.
Over the past 5 years Sudbury’s net migration has been negative which indicates that its population is decreasing. For example, in year 1994 the net migration was -1092 and in year 2000 there was a negative net migration of 1558 which indicates that the city is losing its population. It is critical for a city like Sudbury to attract residents, tourists, businesses and investors in order to prosper.
Education is the key to enlighten. As more and more residents attend university or colleges they realize the most likely there will be no job in their domain in Sudbury. They have one university and two colleges which in year 2000 a total of 2893 degrees were issued.
As a city’s industry matures, other prosperous industries should arise to keep it on the edge of its economical potential. Ageing population and negative migration are strong factors in Sudbury’s economical stagnation.