Canada’s Best Places for Business 2016

Woodstock, Ont.

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Population: 40,738
Annualized population growth (%) 0.97
Avg. household income ($): 77,206
Total value of building permits issued, most recent year ($): 140,589,373
Avg. office lease rate ($ psf/yr): 10.98
Corporate income tax rate (%): 26.5
City website: www.cityofwoodstock.ca

Market

Pop. within 1 hr commuting distance: 1,906,256
Adults who have completed apprenticeship, trades certificate or diploma (%): 8.22
Adults who have completed university degree (%): 11.90
Adults who have completed bachelor''s degree (%): 67.32
Unemployment rate, most recent month (%): 5.53

Costs

Avg. home price ($): 264,850
Avg. retail lease rate ($ psf/yr): 23.77
Avg. industrial lease rate ($psf/yr): 8.40
Avg. general lease rate ($psf/yr): 16.82
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 ($): $50 to $199
Avg. processing time for building permit, most recent calendar year: Less than 3 weeks
Non-residential property tax rate (% of assessed value): N/A
Commercial property tax rate (% of assessed value): 3.859310
Industrial property tax rate (% of assessed value): 4.580980
Small business income tax rate, if different (%): 15.0
Sales tax (%): 13
Special regulations or zoning: N/A

Other

Largest employers: Toyota; Vuteq; Toyota Boshoku
Leading industries: Manufacturing
Value of capital projects >$5 million planned or under construction ($ million): 19,479,000
Special amenities: Woodstock is home to the Woodstock Art Gallery, the Ingersoll Creative Arts Centre and the Ingersoll Cheese & Agricultural Museum. The city hosts annual events including the Ingersoll Folk Festival, Canada’s Outdoor Farm Show and Cowapaloosa.
Special economic development initiatives: The Downtown Woodstock Community Improvement Plan provides incentives for business investments and redevelopments in the downtown core.