Despite our low Canadian dollar, Lloydminster has a 14.6 per cent competitive cost advantage of doing business relative to the United States.
That’s one of the findings of a KPMG study released April 5 titled Competitive Alternatives 2016: A Guide to International Business Locations Costs.
KPMG found that Lloydminster is a very cost effective business location and has an overall cost competitiveness advantage of 14.6 per cent relative to the United States and ranked 12th out of the 22 sponsored communities.
“It’s great to be ranked cost competitively with peers and being a part of this study provides us with scope and awareness allowing us to better market our community to businesses abroad,” said Ward Read, CEO of the corporation.
Lloydminster Economic Development Corporation (LEDC) sponsored the study to have Lloydminster benchmarked against the U.S. and compared to the 111 featured cities from across the globe.
The KPMG study uses the U.S. as a benchmark to measure and provide insight on the impact of 26 key cost components, across seven business to business service segments and 12 significant manufacturing sectors.
There are 111 feature cities built-in to the analysis, and an additional 22 smaller communities were sponsored and included. The full report can be found at competivealternatives.com.
In addition to the overall ranking, KPMG found that Lloydminster has a cost advantage in all four sectors analyzed: 23.9 per cent in digital services, 33.2 per cent in R&D services, 29.2 per cent in corporate services, and 8.8 per cent in manufacturing.
The LEDC will use this study as an attraction piece to highlight Lloydminster’s many advantages as a place for business.
KPMG’s report is produced every two years and is widely used by site selectors and businesses looking to relocate or expand into new markets.