Canada’s Best Places for Business 2016

Spruce Grove, Alta.

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Population: 31,612
Annualized population growth (%) 3.13
Avg. household income ($): 122,100
Total value of building permits issued, most recent year ($): 188,000,000
Avg. office lease rate ($ psf/yr): 24.50
Corporate income tax rate (%): 27.0
City website: www.sprucegrove.org

Market

Pop. within 1 hr commuting distance: 1,396,240
Adults who have completed apprenticeship, trades certificate or diploma (%): 14.3
Adults who have completed university degree (%): 16.39
Adults who have completed bachelor''s degree (%): 78.83
Unemployment rate, most recent month (%): 5.75

Costs

Avg. home price ($): 359,177
Avg. retail lease rate ($ psf/yr): 27.84
Avg. industrial lease rate ($psf/yr): 13.80
Avg. general lease rate ($psf/yr): 23.76
Peak electricity cost for businesses ($/kWh) N/A
Peak electricity cost for mid-size commercial business ($/kWh): N/A
Peak electricity cost for mid-size industrial business ($/kWh): N/A

Taxes & Regulation

Business license cost ($): $200 to $499
Avg. processing time for building permit, most recent calendar year: Less than 3 weeks
Non-residential property tax rate (% of assessed value): 0.794860
Commercial property tax rate (% of assessed value): N/A
Industrial property tax rate (% of assessed value): N/A
Small business income tax rate, if different (%): 13.5
Sales tax (%): 5
Special regulations or zoning: N/A

Other

Largest employers: Real Canadian Superstore; Parkland School Division; Walmart Supercentr
Leading industries: Manufacturing; Natural Resources; Transport/Logistics
Value of capital projects >$5 million planned or under construction ($ million): 137,000,000
Special amenities: Spruce Grove is home to the Saints AAA junior hockey team, as well as the TransAlta Tri Leisure Centre, Fuhr Sports Park and the Jubilee Park & Frisbee Golf facility. The city hosts the Grain Elevator Museum.
Special economic development initiatives: Spruce Grove partnered with two private firms to develop the 140-acre Westwind commercial and residential district adjacent to Highway 16.