Vancouver ranks highly on a global scale for doing business, according to a new report from KPMG. The city ranks as having the fifth lowest cost of doing business globally, scoring better than Manchester, Europe’s lowest-cost city.
“Vancouver already has the strongest economy of any city in Canada, and this study confirms that we are becoming the most thriving and competitive place to do business in North America,” says Mayor Gregor Robertson in a statement.
“Last year was record-setting for new office space, new rental housing, construction investment, tourism visits and growth in our tech and innovation sectors. Vancouver’s economic action strategy is working and City Hall will keep driving forward to make Vancouver the most desirable place to live and do business in the world.”
Still, Vancouver wasn’t able to beat out Toronto and Montreal, which took the fourth and third spots respectively. Cities in Canada rank so well due to the weak dollar, notes the report, but Vancouver took the third spot among Canadian cities because of higher property costs. The Pacific region of both Canada and the U.S. is the most costly place to do business in North America.
In the U.S., New York City fell to the 29th spot globally for the cost of doing business because of rising labour costs in both salaries and benefits. The highest ranking American city on the list was Atlanta, Georgia, which comes in at number 18.