If you’re looking to do business in North America, you may want to seriously start considering Truro.
The Hub of Nova Scotia was recently named the most cost-competitive business location in North America by international business consultants KPMG. 31 towns and cities across Canada and close to 100 other cities from around the world participated in the voluntary survey.
“Naming us the most cost-competitive location on the continent is just one more example of the benefits of locating in Truro-Colchester,” says Ron Smith, Executive Director of the Colchester Regional Development Agency. “This gives us the momentum we need to move forward with increased business attraction at a time when the entire province is poised for economic growth. Truro is a cost-competitive business location with a dedicated and trained workforce and the international survey results will add credibility to the way we approach prospective business investors.”
KPMG conducts the study every two years. Truro ranked third in the last survey conducted in March 2010. The fact it has climbed two spots during financial uncertainty around the globe is a positive sign to many, including Truro Mayor Bill Mills.
Mills says he was very pleased to hear the town remains consistent in the category.
“This is a major selling point for us,” he said.
“When you add that to our location, how close we are to the Halifax International Airport, the Port of Halifax and the construction of the future Hilden overpass, I believe it shows the best new opportunities exist here and the price is more than right. That doesn’t even factor in the major lifestyle benefits we offer like a new hospital, civic centre and schools. Finally, if you add positive changes to the Nova Scotia Agricultural College and the Argitech Park combined with the shipbuilding spinoffs, the KPMG study confirms why we are number one.”
The study ranked communities based on a U.S. cost average that equals 100. In the Atlantic Region, Truro scored 91.9, followed closely by Sydney with 92. Moncton was third with 92.3 while Saint John and Fredericton tied for fourth with 92.5. Halifax rounded out the top five with a 92.7 ranking.
CoRDA and the Province of Nova Scotia share the cost of participating in the survey. KPMG then conducts its surveys by disguising its teams as real estate agents or industrial site selectors.
Alan Johnson, Director of Marketing and Communications for CoRDA explains how it all comes together.
“It’s like a secret shopper concept,” he said. “These people pose as professionals and they contact the municipalities to ask how quickly an operation could be set up, what the cost per acre is, what are the taxes expected in a commercial industrial park and things of that nature. We don’t know if they are legit because we receive so many calls like this anyway. We provide honest answers, they compare our results with the results for the other 103 cities and compile them, examine them in depth and then send them out.”
According to Johnson, CoRDA works closely with both the Town of Truro and the Municipality of Colchester in an effort to keep costs down. Like Mills, Johnson says location is a key factor and that helps keep costs down.
Other areas may have to spend a lot of its budget to market their area where Truro-Colchester already has location on its side.
“It’s an easy place to market,” continued Johnson. “It’s at the crossroads of rail and an all-weather highway system, 35 minutes to the seventh largest international airport in Canada and it’s on the main rail line between Halifax and Montreal and Halifax and Chicago. All of this makes us easy to market and because of that it’s not as expensive to market our area and that means the municipalities can support CoRDA’s work without having to worry about raising taxes to pay for services that help bring businesses to the area.”
The survey examines 26 different components surrounding the cost of doing business. It compares 19 different business operations including three that were introduced for the 2012 survey.
They include fuel cell manufacturing, video game production and international financial services. Johnson confirms Truro has already received inquiries in tow of the new sectors already this year.
In the more traditional sectors, Truro-Colchester also ranked very high.
“These surveys are one of the key pieces of information for people looking to find space,” said Johnson. “I can say that because when I meet someone looking to expand their business, the first thing I place in their hand is this KPMG study. It’s universally respected. They are one of the largest business innovation companies in the world and it’s basically one of those studies that holds water and has credibility.”
