Canada’s Best Places for Business 2016

Richmond, B.C.

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Population: 207,549
Annualized population growth (%) 1.28
Avg. household income ($): 85,117
Total value of building permits issued, most recent year ($): 998,000,000
Avg. office lease rate ($ psf/yr): 22.09
Corporate income tax rate (%): 26.0
City website: www.richmond.ca

Market

Pop. within 1 hr commuting distance: 2,531,505
Adults who have completed apprenticeship, trades certificate or diploma (%): 5.4
Adults who have completed university degree (%): 34.32
Adults who have completed bachelor''s degree (%): 68.74
Unemployment rate, most recent month (%): 5.54

Costs

Avg. home price ($): 695,065
Avg. retail lease rate ($ psf/yr): 58.68
Avg. industrial lease rate ($psf/yr): 16.03
Avg. general lease rate ($psf/yr): 23.12
Peak electricity cost for businesses ($/kWh) N/A
Peak electricity cost for mid-size commercial business ($/kWh): 0.1030
Peak electricity cost for mid-size industrial business ($/kWh): 0.1030

Taxes & Regulation

Business license cost ($): $50 to $199
Avg. processing time for building permit, most recent calendar year: Less than 2 weeks
Non-residential property tax rate (% of assessed value): N/A
Commercial property tax rate (% of assessed value): 6.663680
Industrial property tax rate (% of assessed value): 6.663680
Small business income tax rate, if different (%): 13.0
Sales tax (%): 12
Special regulations or zoning: Richmond's Official Community Plan has designated industrial and commercial reserves under YVR flight paths where only industrial and commercial development respectively can occur

Other

Largest employers: Vancouver International Airport; Port Metro Vancouver; Richmond School District 38
Leading industries: TourismTransport/LogisticsConstruction
Value of capital projects >$5 million planned or under construction ($ million): 653,000,000
Special amenities: Richmond is home to Vancouver International Airport, voted the best North American airport for seven years. It hosts the Richmond Olympic Oval and River Rock Casino, and annual festivals include the World Fusion Festival and the Maritime Festival.
Special economic development initiatives: Richmond administers a business retention and expansion program, as well as the Port of Vancouver and Vancouver International Airport master plans.