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:
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)