CALGARY (660NEWS) — Calgary’s economic plan has received another update to deal with a changing economy and continued challenges lingering from the recession.Titled “Calgary in the New Economy”, the plan is an update on the previous strategy unveiled in 2014. It focuses on four key areas: talent, innovation, place and business environment.Calgary Economic Development is stressing an importance on modernization and keeping young people in the city.“We have an incredible opportunity as a city,” said Executive Chair Steve Allan. “We have this livable city, we have incredible talent, a young, well-educated workforce, and office space. So those are great things to build on.”During the press conference revealing the plan, speakers talked about how the economy is still getting better in Calgary, although some challenges remain. There is still concern over energy and getting a better price for our products. Also, on the topic of office space, vacancy remains very high and unemployment remains a concern.“Over the last few months, it feels like we’ve stagnated in terms of jobs in particular,” said Calgary Mayor Naheed Nenshi.Nenshi added the plan emphasizes different ways to attract young people downtown and fill up some of that space.“So bringing more people downtown and investing in areas that lead to direct job creation are two major priorities.”But there is lots of positivity about the road ahead. If all goes to plan, technology will get more of a focus in Calgary as a way to bridge the gap between different industries.“Innovation crosses all of our sectors, and we’ve got a lot of innovation going on in agriculture, in energy, in transportation, in logistics and in health sciences. A lot of stuff happening here,” said Allan.Ideally, the city can continue to pull out of the recession and take steps towards a more youthful and modernized world.“We have a real opportunity to ensure that young people are deeply engaged in the work that we do. So it starts with making sure that in elementary and junior high and high school, kids are learning about entrepreneurship and innovation — which is happening now. But it also makes sure that people see real opportunities not just to get a great job here, but to start a business here,” added Nenshi.“You have to embrace change,” said Allan. “I’m an old guy, but I love change. I’ve lived in a world of change so I love it. Like every day it’s exciting when you find something and I don’t begin to understand it at all.”While most of the initiatives in the plan will take five years or longer to implement, there are several with immediate targets including: create Canada’s largest talent accelerator, establish Calgary as a magnet for students, develop the Calgary innovation corridor and launch initiatives to generate business development.