Surrey is the best place in the region for new businesses to locate, according to a report just released by Vancity credit union.
The report, titled Open for Business: the top cities to start up a small business in Metro Vancouver, examined 17 municipalities throughout the region.
Surrey took top spot largely because of its booming population (an 18.6 per cent growth from 2006-11), relatively affordable business and residential properties and reasonably low costs of doing business (taxes, etc.).
The high level of family support also contributed to Vancity’s findings about the potential success of small business in Surrey.
Surrey had the highest percentage of homes that were financially supported by three or more (4.7 per cent).
“Local entrepreneurs innovate to create new products and services, generate jobs and help our communities thrive,” said Christine Bergeron, Vancity’s director of business member relationships.
“Location is a primary factor in setting up a small business for success – Surrey is the number one location when it comes to supporting entrepreneurial innovation.”
Surrey edged out (in order of ranking) Richmond, New Westminster, Langley Township and Langley City.
Delta was marked ninth, about middle of the pack, for small business locations.
The most unfavourable places to locate for small businesses, according to the report are, West Vancouver, placing last, White Rock at second last and North Vancouver which came in third from the bottom.
Vancity is a financial co-operative serving more than 509,000 member-owners, with 59 branches in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay.
The full rankings for Metro Vancouver:
3. New Westminster
4. Langley Township
5. Langley City
6. Maple Ridge
7. Pitt Meadows
8. Port Coquitlam
11. North Vancouver (City)
14. Port Moody
15. North Vancouver (District)
16. White Rock
17. West Vancouver