Thunder Bay: A Superior Place to Invest

Press Release

October 17, 2023 – The evidence is clear: Thunder Bay is a great place to live, work, and invest. Northern Policy Institute’s latest publication is an economic profile of Thunder Bay that finds that the city and its surrounding communities are well-positioned for future economic growth.

Thunder Bay is a dynamic urban hub with strong transportation linkages to major markets and proximity to natural resources. These advantages have created many strong local industries, including mining, forestry, manufacturing, aviation, health care, and public administration. Businesses that invest in Thunder Bay will benefit from these existing advantages, as well as various business incentives, an absence of development charges, and affordable utility rates.

For individuals, salaries go far in Thunder Bay. Housing prices are significantly lower than in the rest of Ontario and Canada. Thunder Bay residents also enjoy shorter commutes, on average.

Thunder Bay faces modest economic challenges in the form of an aging population and a shrinking working-age population; however, the city is pursuing initiatives to address these problems. For example, since 2019, Thunder Bay CEDC has recommended nearly 400 candidates to fill labour shortages in the community through the Rural and Northern Immigration Pilot.

“Thunder Bay offers a unique blend of attractions to both businesses and individuals” said author William Dunstan. “Businesses can access Northwestern Ontario’s vast natural resources while still benefiting from a large urban labour force and linkages to major markets. Individuals can enjoy the economic opportunities of an urban centre, while still benefiting from a low cost-of-living and proximity to nature”.

Want to learn more? Read the economic profile here.

And, to learn about Thunder Bay’s major industries, read the accompanying piece on the city’s key economic sectors here.

This report was completed through NPI’s Northern Analyst Collective program, which is supported by NOHFC and local partners; in this case, the Thunder Bay CEDC. “The Thunder Bay CEDC recognized the crucial need for an updated economic profile of Thunder Bay and
is harnessing this information to chart a path towards a sustainable future for the city, fostering growth and prosperity”, said Jamie Taylor, CEO, Thunder Bay CEDC.

Media Interviews: Author William Dunstan and NPI President & CEO, Charles Cirtwill, are available for comment. To arrange an interview, please contact:

Charles Cirtwill
President & CEO
1-807-632-7999
ccirtwill@northernpolicy.ca

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