Ontario Named the Best Place in Canada to Invest
Source：siteselection
From：Taiwan Trade Center, Toronto
Update Time：2022/10/11
Ontario has won Site Selection magazine's award for 'Most Competitive Province in a Competitive Nation' for six years straight.
Site Selection magazine, the leading publication in corporate real estate, facility planning, location analysis, and foreign direct investment (FDI), has once again placed Ontario in the top spot in its 2022 Canadian Competitiveness Awards rankings.
Ontario's strong action on the deficit and its modernized business climate has helped the province gain a competitive advantage. Changes include a globally competitive tax system, a streamlined business environment, and investments in education, health care, electricity, and infrastructure.
The Site Selection award is given to leading provinces based on the number of qualifying new facilities and expansions and per capita projects, project capital investment, and project job creation. It ranked the province as the most competitive in Canada for several reasons, including:
- Ontario was number one in job creation associated with corporate investment while coming in second in terms of incoming investments related to acquiring or upgrading physical assets such as property, industrial buildings, and equipment
- Ontario metro areas were home to twice as much investment project activity than the next closest province
- Ontario cities accounted for half of the top 10 metro-area and regional economic development groups in Canada, including organizations in Hamilton, London, Toronto, Mississauga, and Brantford.
“Two major projects announced in Ontario, Canada, this summer epitomize what one might call northern composure—as in calm, serene, and self-assured. As in poise and aplomb, or even the old sense of a well-composed, complete package. The fact that they’re both in Ontario only accents the power of the province that this year earns Site Selection’s No. 1 ranking as the most competitive province in the nation”, Adam Bruns, Site Selection Magazine.
The two major projects that Site Selection Magazine referred to were: 1) The $1.5B investment by Belgium-based Umicore for a manufacturing facility for cathode active battery materials and Sanofi’s announcement that it will open an Artificial Intelligence Centre of Excellence in Toronto. 2) The nearly $16B in recent automotive investments, including $12.5B related to electric vehicles. This includes investments from Stellantis, Honda, General Motors, Ford, and LG Energy Solution, in addition to the aforementioned Umicore project.
Helping communities across the province attract new investment is part of the government’s economic plan to build Ontario up and deliver on its number-one priority to grow the economy and create jobs. The four-part plan includes helping more people get and create the jobs of the future by expanding access to high-quality college and university education. The plan is making the largest infrastructure investment in hospitals, schools, roads, bridges and transit in Ontario’s history and is investing in a low-carbon economy driven by innovative, high-growth, export-oriented businesses. The plan is also helping working Ontarians achieve a more secure retirement.
Source: https://siteselection.com/issues/2022/sep/canadas-best-locations-2022-cover.cfm