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City of Abbotsford Economic Development Investment Profile

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City of Abbotsford Economic Development Investment Profile Abbotsford Where Your Next Success Takes Place. CITY OF ABBOTSFORD ECONOMIC DEVELOPMENT abbotsford.ca OUR VALUE PROPOSITION Abbotsford, British Columbia is a diverse, livable community in close proximity to one of the most desired global hubs in the world – Vancouver. Our transportation network provides affordable, highly efficient access to the whole of North America, the U.S. Pacific Northwest and Asia Pacific. Home to a $1.8 billion agricultural sector, a robust aerospace cluster and an emerging hub of tech industries, Abbotsford offers a unique advantage for industry to a variety of markets. KEY CONTACTS VERN MAY | Manager 604-851-4173 [email protected] KIM O’SULLIVAN | Coordinator 604-864-5670 [email protected] 0 50 100 150 200 km CONTENTS ALBE RTA PRINCE RUPERT 04 Investing in Canada PRINCE GEORGE 06 Available Skilled Workforce 08 Education and Skills Development 10 Agriculture & Value-Added Processing BRITISH COL UMBIA 12 Aerospace 14 Manufacturing & Technology 16 Quality of Life 18 Utilities & Taxation CN Railway ABBOTSFORD CP Railway VANCOUVER SRY Railway Our Geographic Advantage. Seaports WASHINGTON (USA) The City of Abbotsford – recognized as the Hub of British Columbia’s Fraser Valley region – is one of the fastest growing 0 5 10 15 20 km 1 Vancouver International Airport business centres in Canada. Situated in the VANCOUVER south-western corner of the province of Abbotsford International Airport British Columbia along the Canada/US border just 89 kilometres (55 miles) from the Pacific International Border Crossings Coast, Abbotsford presents a unique value proposition for international companies looking to enter the North American market 1 and domestic companies seeking a strategic gateway from the Pacific Northwest by air or sea. ABBOTSFORD 1 Peace Arch Aldergrove/Bellingham Blaine/Surrey Sumas/Huntingdon 04 Investing in Canada. CITY OF ABBOTSFORD ECONOMIC DEVELOPMENT | DEVELOPMENT ECONOMIC CITY OF ABBOTSFORD CANADA IS THE BEST COUNTRY FOR TRANSPORT INFRASTRUCTURE GLOBAL INVESTMENT. PERIOD. Canada is well placed to serve as a central hub for Global market access. Unparalleled talent. Low costs. global trade. Our air transport infrastructure is the best in Reduced risk. the world and our coastal ports provide direct maritime access to Asia, Europe and South America. In this ever-changing world, it can be difficult to seize opportunities and avoid risk. To grow and succeed, global Combined with secure trade corridors and gateways, our companies need to find the oasis in the chaos. infrastructure facilitates continual supply chain and business operations. Canada is that place, and investors are taking notice. At a time when foreign direct investment (FDI) flows into 117 BORDER developed economies dropped by 40%, FDI into Canada 26 AIRPORTS 17 SEAPORTS CROSSINGS increased 70% in 2018. TO THE US INVESTING IN CANADA INVESTING GLOBAL MARKET ACCESS LOWER COSTS. LOWER RISKS. Canada is the only G7 country that offers investors Canada has the lowest overall tax rate on new business preferential market access to over 1.5 billion consumers in investment and the lowest business costs in advanced 51 countries. Key trade agreements include: manufacturing and corporate services among G7 nations. Canada also has the lowest business costs in the digital USMCA The Canada-United States-Mexico Agreement and R&D sectors. CETA – The Canada-European Union Comprehensive Economic and Trade Agreement CPTPP – The Comprehensive and Progressive Agreement for Trans-Pacific Partnership POLITICAL STABILITY SOUND BANKING SYSTEM LOW CORRUPTION Canada is second only to Japan Canada has the soundest banking Canada is seen as the least corrupt among G20 countries in terms of system among G7 countries and ranks country among G20 members and 9th political stability. second in the world. among 180 countries. Source: World Bank, 2017 Source: World Economic Forum, 2018 Source: Transparency International, 2018 HIGHLY SKILLED TALENT #1 MOST ATTRACTIVE COUNTRY FOR ENTREPRENEURS INNOVATION AND Source: OECD Talent Attractiveness TECHNOLOGY Indicators, 2019 Canada’s largest R&D tax credit program provides billions in tax #5 MOST ATTRACTIVE COUNTRY FOR credits and incentives to businesses HIGHLY SKILLED TALENT conducting R&D in Canada. Source: OECD Talent Attractiveness Indicators, 2019 The Strategic Innovation Fund bolsters business investments in Canada’s most dynamic and innovative sectors by QUALITY OF LIFE supporting business activities such as Searching for the best quality of life? R&D projects, firm expansion and You found it. Home to some of the attraction of large-scale investments. world’s most impressive scenery and vibrant cities, Canada offers the perfect The Innovation Superclusters initiative space to live, work and play. connects businesses, academic institutions and not-for-profit Settle in and find out for yourself. organizations to generate bold ideas, There’s no better place to be. drive economic growth, attract top talent, advance innovation and #1 BEST QUALITY OF LIFE transform regional ecosystems. Source: Y&R, BAV Group and Wharton School These are focused on five key areas: of Business, 2019 • DIGITAL TECHNOLOGY #5 BEST COUNTRY FOR HUMAN • PROTEIN INDUSTRIES FREEDOM • ADVANCED MANUFACTURING Source: CATO Institute, 2018 • SCALE.AI (Supply Chains and Logistics Excellence Artificial CANADA IS HOME TO THREE OF THE Intelligence) WORLD’S 10 MOST LIVABLE CITIES • OCEAN Source: The Economist Intelligence Unit, 2018 For more information on Investing in Canada visit investincanada.ca 06 Available Skilled Workforce. CITY OF ABBOTSFORD ECONOMIC DEVELOPMENT | DEVELOPMENT ECONOMIC CITY OF ABBOTSFORD • Over half the population of Abbotsford has a post- B.C.’S WORKFORCE secondary certificate, diploma or degree 25.9% KNOWLEDGE-BASED INDUSTRY • Median age of Abbotsford’s population is 37.9 years old • Over half of BC’s workforce works in knowledge-based 22.3% TRADE or trade-related industries, and 60% of this workforce is 18% CONSTRUCTION MANUFACTURING UTILITIES under 44 years of age • Abbotsford’s unemployment rate is 4.5%, recognized as 12.3% HEALTH CARE RELATED the lowest unemployment rate in Canada in 2017 9.7% OTHER • Average employee retention in British Columbia is ACCOMMODATION & FOOD SERVICE 7.9 years 8.1% 3.5% AGRICULTURE, FISHING, FORESTRY Source: Statistics Canada, “Job Tenure by Industry”, 2018 *Note: This chart measures the number of businesses only. It does not take into consideration the economic impact of a sector. AVAILABLE SKILLED WORKFORCE AVAILABLE LABOUR COSTS ABBOTSFORD VANCOUVER TORONTO AVG ANNUAL SALARY $45,468 $57,123 $59,133 AVG HOURLY WAGE $19.36 $20.79 $20.02 *Source: payscale.com, stats updated July 2019 TOTAL VALUE OF BUILDING PERMITS CANADA VS. UNITED STATES 2018 $553,000,000 Canada’s labour costs are the lowest among the G7 countries. With competitive 2017 $480,000,000 salary levels and lower health care costs, companies based in Canada benefit from total labour costs that are 31.2% lower than equivalent costs in the United States. 2016 $252,000,000 2015 $296,000,000 Progressive reductions in both federal and provincial taxes create a significant 2014 $188,000,000 advantage for companies operating in Canada. According to KPMG, the effective 2013 $255,000,000 income tax rate in Canada is 17.9%, or 11.9 percentage points below that of the United States. CURRENT TRENDS IN ABBOTSFORD POPULATION GROWTH Abbotsford is a city on the rise and is seeing enormous growth in both investment and population in recent years. You could be a part of this emerging, dynamic 2019 158,426 market. 2018 151,923 2016 141,397 2011 133,497 2006 123,862 08 Education & Skills Development. CITY OF ABBOTSFORD ECONOMIC DEVELOPMENT | DEVELOPMENT ECONOMIC CITY OF ABBOTSFORD UNIVERSITY OF THE UFV is large enough to offer variety, and yet small class FRASER VALLEY sizes allow students to get to know instructors and learn in a LOCATED IN ABBOTSFORD, BRITISH COLUMBIA hands-on environment. UFV offers more than 100 programs, including two master’s degrees, 19 bachelor’s degrees, Located in the beautiful Fraser Valley just east of majors, minors, and extended minors in more than 30 Vancouver, British Columbia, Canada, the University subject areas, and more than a dozen trades and of the Fraser Valley (UFV) is a fully accredited, public technology programs. university that enrolls approximately 15,000 students per year. Founded in 1974, UFV has campuses and locations in FACULTIES Abbotsford, Chilliwack, Mission, and Hope, and a growing Faculty of Professional Studies presence in Chandigarh, India. Faculty of Health Sciences Faculty of Science Faculty of Applied and Technical Studies Faculty of Access and Continuing Education 1,524 EDUCATION & SKILLS DEVELOPMENT EDUCATION 4 MAIN CAMPUSES 15,840 FACULTY & 42,000+ School of Graduate Studies & 1 INTERNATIONAL STUDENTS ALUMNI CAMPUS STAFF College of Arts SIMON FRASER UNIVERSITY BRITISH COLUMBIA INSTITUTE OF TECHNOLOGY LOCATED IN BURNABY, BRITISH COLUMBIA LOCATED IN BURNABY, BRITISH COLUMBIA Simon Fraser University (SFU) has matured into one of Since 1964, the British Columbia Institute of the world’s leading teaching and research universities. Technology (BCIT) has taught and trained experts, Consistently ranked among Canada’s top comprehensive professionals, and innovators who shape our economy — universities and named to the Times Higher Education list across BC and around the world. of 100 world universities under 50, SFU is the first Canadian member of the National Collegiate Athletic Association,
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