Economy
Its economy is largely service based with government as the largest employer. Small businesses that serve the community, tourism, and art work though are also found.
The local co-operative, Tununiq Sauniq Co-op a member of Arctic Co-operatives Limited, is one of the largest co-ops in Nunavut. It serves the community by managing contracts and delivering goods and services to the citizens of Pond Inlet. Some of the services T.S. Co-op provides are; school bus services, Canada Post services, First Air services, Qilaut Heavy Equipment Rentals and services, Sauniq Hotel (largest in community), Construction contracts, T.V. Cable Services, a grocery and department store, Yamaha Snowmobile and ATV repair shop, and others.
The economy is expected to boom once the Mary River Iron Ore Mine is in full operation. The mine site is approximately 160 km (99 mi) west south-west of the community and still in its developmental stage.
As a tourist destination, Pond Inlet is considered one of Canada's "jewels of the North". It is one of the most picturesque communities with mountainous ranges viewable from all directions. Icebergs are most often accessible from the community within walking distance or a short snowmobile ride in winter. Pond Inlet boasts a nearby floe edge, several dozen glaciers, explorable ice caves, and many grand and picturesque inlets. Barren-ground Caribou, Ringed Seal, Narwhals and Polar Bears are just some of the wildlife that can be encountered while traveling out on the land. Nunavut also boasts one of Canada's newest national parks named after a majestic glacier that can be viewed north of the community on Bylot Island; Sirmilik National Park.
Read more about this topic: Pond Inlet
Famous quotes containing the word economy:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)