Penticton a top entrepreneurial city in Canada

The City of Penticton has been named among the top 25 entrepreneurial cities in Canada by the Canadian Federation of Independent Business, and a large jump in the 2013 score has put the Peach City ahead of all other municipalities in B.C.

“A great deal of work has been done to make Penticton a friendly community for small business and entrepreneurs, and this CFIB report validates the City's efforts,” said Penticton Mayor Garry Litke. “We are also committed to continuous improvement, by creating economic opportunity within the community to ensure Penticton remains open for business.”

In its sixth Communities in Boom: Canada's Top Entrepreneurial Cities [PDF - 358 KB] report, the CFIB studied municipalities with 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 25th out of 107 mid-sized communities in Canada with a score of 59.6 out of a possible 100 points, and strong scores in all three: presence, perspective and policy. The top entrepreneurial city in Canada earned just 67 points.

Penticton was ranked the most entrepreneurial city in B.C., ahead of Kelowna (28), Prince George (37) and Abbotsford (56). Penticton also finished ahead of larger centres like Greater Vancouver (41), Calgary (48), Winnipeg (64) and Nanaimo (65), in addition to out-performing other cities from the B.C. Interior, including Vernon (47), Kamloops (84) and Cranbrook (101).

“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,” wrote Ted Mallett, CFIB vice-president and chief economist, in the preface to the report. “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.”

You can download the CFIB Communities in Boom report [PDF - 358 KB].