Penticton named among top entrepreneurial cities in Canada

The City of Penticton has been named among the top 50 entrepreneurial cities in Canada by the Canadian Federation of Independent Businesses.

"Entrepreneurs contribute a great deal to Penticton. Their hard work and creativity are the backbone of our vibrant community," said Penticton Mayor Dan Ashton. "The City of Penticton is committed to fostering a business climate that works for small enterprise, and this report showcases those efforts. While we have done a lot, there is room to do more. We will continue to look for new ways that local government can work with business and industry, which benefits the entire community."

In its fifth edition of the Communities in Boom: Canada's Top Entrepreneurial Cities report [PDF - 397 KB], the CFIB studied municipalities having populations of 25,000 or more and ranked them based on 14 indicators.

The indicators are grouped into three main categories: presence, perspective and policy. Presence includes the representation of the scale and growth of business ownership, as well as industrial diversity, while perspective covers indicators associated with optimism and growth plans. Policy indictors reflect the actions local governments have taken with respect to business taxation and regulation.

The City of Penticton was ranked 42 out of 103 mid-sized communities in Canada, with a score of 50 out of a possible 100 points, and a strong score in presence. The top entrepreneurial city, Grande Prairie, earned just 65 points.

Penticton was the third-most entrepreneurial city in B.C., ahead of Abbotsford (51) and Vancouver (94). Penticton finished ahead of larger centres like Moncton (45), Montreal (71) and Ottawa (73), in addition to out-performing other cities from the B.C. Interior, including Vernon (52), Kamloops (69) and Cranbrook (90).

"Entrepreneurs and communities are intrinsically linked. Entrepreneurs build cities and cities enable entrepreneurship," wrote Ted Mallett, CFIB vice-president and chief economist, in the preface to the report.

"It may seem obvious, but one of the surest signs of an entrepreneurial hot spot is the presence of a high concentration of entrepreneurs and a high business start-up rate. It is also important that business owners have high levels of optimism and success in their operations. Good public policy is also critical, so we look at the presence of supportive local government tax and regulatory policies."