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Richmond Hill Declared a Top 'City of the Future' - April 9, 2013

Contact: Gwen Manderson, Director of Strategic Initiatives, 905-771-2411, gwen.manderson@richmondhill.ca

RICHMOND HILL DECLARED A TOP ‘CITY OF THE FUTURE’
Second Time Being Recognized by fDi Magazine’s ‘American Cities of the Future’ in the ‘Small Cities’ category
 
RICHMOND HILL – Richmond Hill has once again been recognized as a ‘City of the Future’ in the American Cities of the Future 2013/14 ranking by fDi Magazine from the Financial Times. Placing fifth overall in the ‘Small City’ category, for the first time Richmond Hill also ranks in the top ten for Business Friendliness (fourth) and FDI (foreign direct investment) Strategy (third).

“As a municipality committed to embracing growth and business development, it is gratifying for our town to be once again recognized with the leading cities of the future,” said Mayor Dave Barrow. “This ranking is another indicator of the success and effectiveness of our Economic Development Strategy, which outlines a vision of sustained economic growth built on innovation, investment, entrepreneurship, creativity and quality of place.”

Richmond Hill was judged against data collected by fDi Magazine on 422 cities across North and South America. In addition to Business Friendliness and FDI Strategy, cities were measured in categories such as Economic Potential, Human Resources, Cost Effectiveness and Infrastructure.   

Canadian cities dominate the Business Friendliness category, which fDi Magazine attributes to a sound financial system, relatively low corporation tax rates and an open and affluent economy. Richmond Hill’s fourth place ranking for Business Friendliness in Small Cities is recognition of being a great place to start or relocate a business. Measurement criteria for the category included the total number and proportion of companies in the knowledge-based sector, ease of doing business, days taken to start a business, credit rating and jobs created by inward FDI.

“We understand the importance of foreign direct investment to ensure sustainable local economic growth as well as long-term prosperity. The ranking of our FDI Strategy as third across Small Cities is an indicator that we are on the right track, as is the number of national and international companies already located here,” said Mayor Barrow. “We are very excited about the future in Richmond Hill.”

fDi Magazine is part of the fDi Intelligence division of the Financial Times and is published on a bimonthly basis, with a circulation of more than 15,000. In the American Cities of the Future 2013/14 ranking, towns with a population of more than 100,000 but less than 350,000 were considered for the ‘Small Cities’ category. 

To view a full PDF version of the report, including methodology, please visit:

As one of Canada’s fastest growing municipalities, Richmond Hill is home to 194,000 residents and over 4,000 businesses. Centrally located in the heart of the Greater Toronto Area, with strong industry clusters in professional, scientific and technical industries (with an emphasis on IT), health, finance and insurance and information and cultural industries, many major corporations and head offices have chosen to locate in this community. Richmond Hill has excellent and growing transportation infrastructure, a high standard of living, the most educated workforce in Canada and has become an award winning municipality with a strong commitment to exceptional public service. Richmond Hill really is The Smart Place for Business.   

Visit BusinessRichmondHill.ca for Richmond Hill’s Economic Development Strategy and related marketing materials.
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