Sudbury gets business-friendly ranking from KPMG report
Sudbury is one of the cheapest cities in the world to start a business, according to a new report by the consulting firm KPMG.
They ranked 107 global cities for lowest business costs — and Sudbury placed as No.14.
Laurentian economist David Robinson said the news should make global businesses give the city a closer look.
"It's just a generally positive report from our point of view. It says we're in a good position to attract business,” he said. “We're one tenth of a per cent cheaper than Toronto!"
KPMG’s Elio Luongo said Sudbury's main business advantages aren't particularly sexy.
"What Sudbury offers is really low office leasing costs. It also has lower than average energy costs, natural gas costs."
Still, he said, these factors, plus a low Canadian dollar, mean Sudbury gets a high ranking.
But there are some challenges for the city.
For example, the report found Sudbury's property tax for businesses were higher than in comparable cities.
Robinson said the tax system is high for businesses here because it's designed to be lower for homeowners.
"We have a tax system in Ontario, and definitely in Sudbury, that tries to load the cost on business and industry,” he said.
“That does discourage business. There's really no question about it."