Mr. Speaker, I rise today to recognize the start of Tourism Week in Canada and to celebrate the extraordinary accomplishments of the tourism industry here in the Northwest Territories. We can all talk at great length about the need for further economic diversification into new industries in the Northwest Territories, but nothing compares to the sheer potential of our tourism markets. While I still believe that national resource extraction will continue to be the economic bedrock of the NWT, we must look toward other opportunities that can bolster our economy in times of low commodity prices and create economic growth, new jobs, and higher wages for Northerners.
Only recently, I had the opportunity to travel to the Sahtu region and witness the pristine beauty and unique culture there. From the majestic Mackenzie Mountains to the splendid waters of Great Bear Lake, it all left me with a vision for the future. I imagined ski chalets perched high in the mountains, streets lined with five-star restaurants and high-end stores with names like Prada, Givenchy, Swarovski, and even a Ferrari dealership to take advantage of the soon-to-be-completed Mackenzie Valley Highway. Why not, Mr. Speaker? When it comes to our tourism industry, the sky is the limit and there is no end to our potential.
Why do I bring up the Sahtu? Well, the Sahtu is isolated, Mr. Speaker. It needs a highway. Yellowknife is not alone in its challenges for the high-cost destination to travel to, and yet Yellowknife has become a destination city, a place of choice, that has led to the growth of a massive tourism economy, and, despite the enormous cost of doing business and travelling to our capital city, people from all over the world are still coming. For example, in February of this year, we saw a 4.6 per cent increase in hotel occupancy compared to 2017. In March of this year, we saw an astounding 8.3 per cent increase in occupancy compared to the year before. Mr. Speaker, it is clear our capital is a safe bet for investing in our tourism sector. With the GNWT funding a visitors' centre in Dawson City, it is time that we prioritize getting a stand-alone visitors' centre here in the capital.
Mr. Speaker, we cannot rest on our laurels and assume that the economy will take care of itself. We must make the right choices and invest strategically and build an economy that works best for our industries and best for tourism. The sector will never replace the mining sector, but it will create jobs. It will create new opportunities for work that will preserve what we also cherish so dearly, our unique culture, our language, our people, and our land. Thank you, Mr. Speaker.