Canada’s Best Places for Business 2016

Welland, Ont.

scroll down
Population: 53,094
Annualized population growth (%) 0.43
Avg. household income ($): 68,478
Total value of building permits issued, most recent year ($): 70,323,900
Avg. office lease rate ($ psf/yr): 12.60
Corporate income tax rate (%): 26.5
City website: www.welland.ca

Market

Pop. within 1 hr commuting distance: 933,797
Adults who have completed apprenticeship, trades certificate or diploma (%): 9.43
Adults who have completed university degree (%): 12.16
Adults who have completed bachelor''s degree (%): 60.6
Unemployment rate, most recent month (%): 8.03

Costs

Avg. home price ($): 217,031
Avg. retail lease rate ($ psf/yr): N/A
Avg. industrial lease rate ($psf/yr): 5.66
Avg. general lease rate ($psf/yr): 15.95
Peak electricity cost for businesses ($/kWh) N/A
Peak electricity cost for mid-size commercial business ($/kWh): 0.6900
Peak electricity cost for mid-size industrial business ($/kWh): 0.7800

Taxes & Regulation

Business license cost ($): $0 to $49
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): 3.674000
Industrial property tax rate (% of assessed value): 5.230000
Small business income tax rate, if different (%): 15.0
Sales tax (%): 13
Special regulations or zoning: N/A

Other

Largest employers: Niagara College; Canadian Tire Financial; Niagara Health System
Leading industries: Manufacturing; Service; Education
Value of capital projects >$5 million planned or under construction ($ million): 265,000,000
Special amenities: Welland is home to the Welland Canal, which includes extensive canalside cycling trails, as well as the International Flatwater Centre, known as a destination for canoeing, kayaking, rowing and Dragonboat. It will be the site of the 2018 World Canoe/Polo Championship
Special economic development initiatives: Welland provides a Gateway Economic Zone and a Foreign Trade Zone Point. It also runs a business incubator program in collaboration with Niagara College.