Commercial real estate and global economic development thought leader, Site Selection Magazine has awarded Ontario with the Canadian Competitiveness award. The award recognizes Canadian regions “lighting up” Canada’s economy and this year investments like GE's new gas engine factory have helped Ontario reach the top tier.
The award is a deep dive into where companies are investing and developing or expanding facilities in Canada. In 2014 and 2015, the award was given to Investissement Québec, but with 93 investment projects over 2015 and 2016 so far, Ontario is now on top. Ontario ranked first in job creation and second in asset improvements. Eight of the top 20 metro-area and economic groups are located in Ontario, including Waterloo, Hamilton, and London.
Factors positioning Ontario for investment opportunities
Ontario has a natural advantage, with a population of 13.8 million, and an aggressive Provincial economic development team. The success of Ontario's investment attraction strategy can be seen in the economic moves made in August 2016. This included a strengthened Certified site selection program, a Federal investment of $51 million in Ontario based research projects and a Michigan/Ontario partnership aimed at attracting automotive R&D and investment.
How Ontario achieved the best province to invest in award
There were are number of large industrial investments in 2016 so far that are helping Ontario achieve the best Province to invest in award, these include:
- GE gas engine plant in Welland, Ontario
- BioAmber manufacturing facility in Sarnia, Ontario
- Magna International Inc. in London and Brockville, Ontario
- GM investments in Oshawa and Chrysler commitment to Ontario
Industries investing in Ontario
Niche markets have emerged in Ontario due to the many compelling factors that are positioning this Province for success. Sectors continuing to attract investment in Ontario include automotive, financial services, manufacturing, life sciences (R&D), robotics and IT.
For more information on industrial and commercial sites available in the Niagara Region connect with Niagara real estate leader and Colliers Sales Representative, Greg Chew below.
