Most competitive jurisdiction in Canada
For the second time, Ontario has been named the most competitive place to do business in Canada. That should come as little surprise to us in Mississauga, which remains the best location to do business in the most competitive place in Canada.
Georgia-based Site Selection magazine in the United States awarded Ontario its ranking in its September 2017 issue. It added, “Canada’s GDP grew at a 3.7-per-cent pace in the first three months of 2017, more than tripling the 1.2-percent pace in the United States.” Ontario has for several years been Canada’s principal economic driver.
Ontario is dealing from a position of strength again. With an unemployment rate of 5.6 percent, joblessness is at its lowest level since the summer of 2000. Ontario emerged from the great recession of 2008-10 some three years ahead of the United States and nearly all of Europe. The reason? During the good years prior to the recession, Ontario had run three consecutive budget surpluses, used some of the funds to pay down long-term debt, and invested in the type of essential infrastructure and skilled people that attracts leading-edge companies to seek out Ontario as a place to build a future.
Since the depths of the recession, our Ontario work force has grown by nearly 800,000 net new jobs. 72 percent are private sector; 74 percent pay above-average wages; 92 percent are full-time. And 165,000 net new jobs have come to Ontario in 2016-17 alone.
Ontario’s overall business costs are lower than in the Province’s principal competing jurisdictions. The cost of doing business in Ontario is lower than in the United States; the United Kingdom; France; Germany; Italy; Australia or Japan.
There are no capital taxes on business in Ontario. Ontario’s corporate tax rate is lower – 13 percent lower – than the average combined federal-state corporate tax rate in the United States. Tax credits for research and development, and a world-class cluster of universities and colleges for access to the world’s best minds are among the reasons why global businesses of all sizes are choosing Ontario.
What is doing well here in Mississauga? All the fundamentals of a prosperous economy: manufacturing; real estate; construction; finance; life sciences; education; advanced technology and small businesses, along with the service sector they need and support.
Building on Ontario growth and success:
- Infrastructure investments will exceed $190 billion in the next 13 years in Ontario to ensure that businesses can operate, and families have world-class facilities to live, learn and work;
- Investment in primary, secondary and post-secondary schools ensure that Ontario’s skilled workforce remains the world’s tops;
- New legislation ensures that working conditions in Ontario match or exceed the best in the world, and that the prosperity that businesses and entrepreneurs create in Ontario is shared equitably with those whose skills and labour helps generate that wealth.
Foresight and careful planning ensured that Ontario would have a long-term vision, and be able to do the important things in the right order, within budget and on-time. For example, the overwhelming majority of Infrastructure Ontario projects have, in the past decade, come in on schedule and within budget.