Communities in Boom: Canada's most entrepreneurial cities in 2011
Note: Updated 2011 results, based on a modified ranking method, are included in the 2012 edition of this report
Ted Mallett, Vice-President & Chief Economist
Queenie Wong, Senior Research Analyst
Entrepreneurs create more than businesses, they create communities. In fact, all of Canada's urban centres can trace their existence to groups of like-minded business owners who made use of their regions' features and nearby resources to build local economies. Today is no different; independent businesses and start-ups are vital sources of energy on which communities grow and flourish. This year, in CFIB's fourth annual installment of Communities in Boom, we identify the large and mid-sized cities in Canada that have the entrepreneurial edge.
What makes an entrepreneurial city?
There is no question that small and medium enterprises (SMEs) are Canada's engine of growth. After all, SMEs employ about 52% of all working individuals in the country. Businesses, whether they are located in urban or rural areas, play an integral part in the economic and social well-being of communities. In this study, Canadians can gain a better understanding of the triumphs and hardships of small business ventures. It may seem obvious, but the surest signs of an entrepreneurial hot spot are 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.
CFIB assembled 12 indicators. Drawing from published and custom tabulated Statistics Canada sources, the index also contains direct perspectives from CFIB's membership, which numbers more than 108,000 business owners across Canada. The city definitions are based on Statistics Canada's Census Metropolitan Areas (CMAs) and Census Agglomerations (CAs), which cover local economic regions better than simply using municipal boundaries.