TRURO - Truro has been named as the most cost-competitive business location in North America, according to a newly released study.
In results released Thursday by international business Consultants KPMG, Truro beat out all other major cities and towns in Canada and the United States as being the most cost-competitive business location.
"I think one of the most important things to me is that we certainly don't consider the cost of operations as the be-all, end-all," Ron Smith, executive director of the Colchester Regional Development Agency (CoRDA), said of the results.
"But it's certainly wonderful to be able to add that award-winning trait as being the most cost competitive along with all the other factors that we believe the Truro region and the province of Nova Scotia have to offer in general."
The survey, comprised of more than 100 towns and cities, takes in 31 towns and cities across Canada.
The scoring results for Truro came in lower than any city or town surveyed in the United States.
Other results show that Canada and the Netherlands are the world leaders when it comes to setting up a business in the information technology/digital sector, as well as the cost leaders in research and development.
And Smith believes the study results simply add another feather in the cap of the region's attractability, for future business and industry.
"There's a lot of benefits that we have here and we like to tell prospective business persons or investors that they exist," he said. "Educational facilities, partnership co-operation between municipalities and other levels of government and a whole host of things that make your stay here as an individual far more enjoyable. And to be considered the most cost-competitive place in North America only adds to that."
That is especially so, Smith said, when other factors, such as location and access to shipping and train routes and highway connections.
"All those things combined give us a full package to offer, as opposed to trying simply to promote ourselves as being cost competitive."
And coupled with the area's improved census numbers released last month, he said, "this is indeed wonderful news for Truro."
Highlights among the rankings for Atlantic Canada are as follows (the study ranks communities based on a U.S. cost average that equals 100. The lower the figure, the better the cost competitiveness of each community):
- Truro - 91.9
- Sydney - 92
- Moncton - 92.3
- Saint John and Fredericton - 92.5 (tied for 4th place)
- Halifax - 92.7
- Comparing Canadian regions, the Atlantic region averages greater cost advantages than the rest of the country.
- Other notable points in the international survey are that labour costs represent the single largest location-sensitive cost factor in most of the 103 communities surveyed, while Canada, the U.S. and India are the top three countries when it comes to the cost of leasing or purchasing a business facility.
- For digital and I.T. firms, Canada, China and France offer the lowest corporate income tax rates. For manufacturing, Canada offers the lowest effective corporate tax rates. KPMG says taxes make up approximately 18 per cent of location-sensitive costs when Digital, R and D, Corporate Services and Manufacturing are averaged on a global basis.