Business & Enterprise in Peterborough
With a mixed economic base and a location close to major Canadian and US markets, Peterborough is a logical location for many corporations to do business, 60% of all Canadians and 40% of all Americans live within 500 miles (800 km). Extensive lists of enterprises operate out of Peterborough, serving local, national and international markets. Recent government studies reveal this region as among the best locations for food-processing in Ontario, operations include: PepsiCo Foods (Quaker), Unilever Best Foods, Sysco Food Service, Minute Maid (Coca-Cola), United Canadian Malt, Baskin Robbins and Country Smith Ice Cream.
Advanced manufacturing companies such as: General Electric, Fisher Cast Global, Siemens Milltronics, Quickmill Inc., Ventra Plastics, Hispano-Suiza, Coach Canada, Craaytech Painted Plastics, Merit Precision Moulding, Ritz Plastics, Lab Interlink, Lakefield Research, ICT Canada and Americredit Financial Corporation all contribute to Peterborough’s healthy economy. Head offices include: Shimano Canada, Masterbrand Cabinets (NHB Industries Ltd.), Ontario Federation of Anglers and Hunters, and the Ontario Ministry of Natural Resources.
Shorter commutes and reduced traffic congestion all contribute to high employee satisfaction and productivity for business. Area communication networks include fibre-optic cabling, seamless video, voice and data links. The area’s transportation infrastructure includes major trucking company routes, full rail service capabilities, and the municipal airport offers private aircraft and just-in-time freight 24-hour access to its 5,000-foot runway with published GPS approach.
Manufacturing companies in the Greater Peterborough Area are experiencing significant growth. Industrial parks offer fully serviced industrial land at only $40,000 an acre with construction and lease costs that are lower than those of Ontario’s larger urban centers. The region is noted for the “quality conscious attitude” of its employees by leading industries that seek out the area’s skilled production workers, tool & die makers, millwrights and machinists. Employers, especially in the hi-tech sector, are discovering a qualified and available work force on their doorsteps with over 50% having had some post secondary education.
Reliable utilities at competitive prices plus an advantageous tax rate make Peterborough an affordable place to do business. R&D partnership opportunities with respected post-secondary institutions give Peterborough a competitive advantage. Canadian Business Magazine (December 2004) identified the Greater Peterborough Area as the #1 Region in Ontario to do business. Peterborough ranked second highest in Canadian job growth rates during the late ’90s.