FOR IMMEDIATE RELEASE
KPMG Report Reinforces City as Leader in Competitiveness, Noting Low Business Costs as a Major Draw for Investment
March 30, 2016 (Vancouver, B.C.) – According to KPMG’s Competitive Alternatives Report released today, Vancouver ranks globally as one of the most competitive cities for business. The study reviews the cost of doing business in more than 100 cities globally in a series of categories and is produced every two years. Vancouver scored high across the board in business competitiveness, validating that it continues to be one of the best places to live, work and invest in the world.
When compared to 29 major global cities, Vancouver ranked as having the 5th lowest cost of doing business. Vancouver was also ranked as having a lower cost of business than Manchester, the lowest-cost major city in Europe, and ranked ahead of all US West Coast competitors. Vancouver’s low cost of doing business has served the city well, as it has become a major high-tech hub for North America, and a major innovation hub for the world.
“Vancouver already has the strongest economy of any city in Canada, and this study confirms that we are becoming the most thriving and competitive place to do business in North America,” said Mayor Gregor Robertson. “Last year was record-setting for new office space, new rental housing, construction investment, tourism visits and growth in our tech and innovation sectors. Vancouver’s economic action strategy is working and City Hall will keep driving forward to make Vancouver the most desirable place to live and do business in the world.”
The categories the Report specifically examined were labour costs, transportation, and taxation. Vancouver ranked high in each of these indicators.
“This study is further validation of the message we tell around the world; Vancouver has a wealth of competitive advantages – an extraordinarily competitive tax regime, first rate infrastructure and some of the most productive, most creative talent on the planet,” said Ian McKay, CEO of Vancouver Economic Commission. “No wonder that we have the fastest growing economy in Canada, and are gaining head offices faster than anywhere else in the country.”
Coming at a time when the topic of transportation is on the minds of governments at all levels across Canada, KPMG’s report also indicated that Vancouver saw a greater decline in transportation costs than many Canadian cities, highlighting once again why Vancouver is such a desirable place to invest and do business.
Vancouver’s position as a global gateway, particularly towards Asia, has been a crucial feature in Vancouver’s success in the export industry. Vancouver’s strongest results in the Report were in the manufacturing sector for industries with significant export orientation, in large part due to the global access provided by Canada’s largest port.
Vancouver is the fastest growing economy in Canada, in large part due to its success in the international financial services industry. KPMG reported that in the international financial services industry, a strong source of competition between Toronto, Calgary and Vancouver, Vancouver ranked ahead of both Canadian cities.
A full copy of the report is available at http://www.competitivealternatives.com/reports/compalt2016_report_vol1_en.pdf
Read more over at the Vancouver Sun: Vancouver has fifth lowest business costs among 29 global cities: KPMG
About the Vancouver Economic Commission
The Vancouver Economic Commission (VEC) works to strengthen the city’s economic future by supporting existing businesses, attracting foreign investment and promoting international trade. The VEC strives to position Vancouver as a globally recognised city for innovative, creative and sustainable businesses. www.vancouvereconomic.com
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