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Incentives highlight industry attraction to Niagara

Posted by Greg Chew on Sep 30, 2016 3:57:08 PM

Industry attraction to Niagara in the last two years has been growing and that is due in part to Niagara’s and Ontario’s competitive incentive programs. Niagara is a cost competitive Region, one that boasts low industrial leasing costs, plentiful land for industrial development and a prime location in relation to the GTA and U.S. It’s attractiveness as an industrial destination has grown however, with the introduction of the Niagara Gateway Incentive Program and the designation as a Foreign Trade Zone.

 

Niagara Gateway CIP, Municipal Tax Incentives

GE’s choice to relocate its gas-power engine plant has been a major win for Welland and Niagara. As a whole, their choice to relocate to Canada was to take advantage of the EDC, but it’s largely incentives that drew the enterprise company to Welland. Incentives awarded through the Gateway Program will total just shy of $38 million for GE, a break that comes from property tax bills. This is in addition to a $26.5 million grant from the Province of Ontario.


GE is not the only business to relocate to Niagara to take advantage of the generous incentives, business including Northern Gold Foods, Clinton Bertie Insurance, The Fort Erie Racetrack ownership and the Canadian Motor Speedway have all applied for tax breaks under the grant.

The Gateway grant is complimented by municipal based CIP's, many of these are offered in relation to development charges and brownfield incentives. New industry moving into Niagara can also apply for provincial incentive programs, similar to what GE has done. 

 

Provincial incentive programs

Aside from the many incentives offered in Niagara by both the Region and its municipalities, the Ontario government is making it ‘easier to grow’ in Ontario with various loans, grants and service offerings. The aim is to lower corporate taxes and facilitate growth through cost savings on areas like R&D, labour and expansion.


Attractive grants and incentives that are available to industry include the Canadian Manufacturers & Exports SMART Advanced Technologies for Global Growth, the Ontario Innovation Tax Credit and the Industrial Research Assistance Program. There are also grants and loans available to specific thriving industries in Ontario like automotive, aerospace, food processing and energy conservation.

 

Ontario the best Province to invest in

Ontario is recognized across Canada as the best province to invest in for industrial development, an award that comes from commercial leaders, Site Selection Magazine. A strong number of factors make the Province and it's regions ideal for industry. Pointedly, educated population and aggressive economic development focus are two of the factors propelling Ontario to the top of the list. Incentives aside, it is factors like these that are helping to refocus Niagara as Region crumbling from a manufacturing decline, to one ready to grow by accommodating new investments. 

 

The Gateway CIP has been a successful refocus and marketing strategy for the Region, it is shining a light on the industrial potential of the Region and it's lands. For more information on the industrial market in Niagara and developable land opportunities connect with Collier's sales representative Greg Chew below. 

Connect with Greg Chew

Topics: Niagara, Incentives

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