Waterloo Region has once again been recognized as one of Canada’s top regions for investment, according to the “Canada’s Best Locations 2024” report.
The report, published by Site Selection Magazine, highlights Waterloo’s continued success in attracting high-profile investments, thanks to its strong talent pool, thriving innovation ecosystem and strategic location. This recognition showcases the region’s growing appeal to international businesses considering expansion.
Ontario, where Waterloo is located, received the Canadian Competitiveness Award, deeming it the ‘most competitive province’ in Canada. With over 22,000 new jobs created through qualifying investment projects, Ontario ranked first in both total job creation and jobs per capita across all 13 provinces, according to the publication.
Read the full report for more information or check out our quick re-cap below.
A hub of innovation
The report identifies Waterloo as one of Canada’s top locations for innovative companies. Expansion projects led by BWXT Canada, Dana Canada and Westinghouse demonstrate the region’s strength in sectors like nuclear energy, automotive and advanced manufacturing.
Westinghouse’s new global engineering hub in Kitchener, one of the region’s cities, is a perfect example, with the company citing proximity to the University of Waterloo as a key reason for choosing the location:
“The high-quality education institutions in the area largely contributed to the location of this hub,” said Nathan Lewcock, director, Global Engineering Services at Westinghouse. “Its proximity to the University of Waterloo, a premier engineering university in North America, and the other outstanding universities and colleges in the area provide tremendous access to the top talent in Canada.”
Talent advantage
Waterloo’s access to a highly educated workforce is a key factor in its investment appeal. The University of Waterloo, along with other local post-secondary institutions, produces a steady flow of engineering and computer science graduates each year, making the region an ideal destination for companies in tech-driven industries.
Ontario, where Waterloo is located, is home to more than 70,000 new STEM graduates annually. This large pool of skilled professionals is a major attraction for businesses looking to expand in North America.
The report also notes that 74% of working-age adults in Ontario hold a post-secondary degree – the highest percentage among OECD (Organisation for Economic Co-operation and Development) countries.
Strategic location
Waterloo’s strategic location within Ontario is another reason for its inclusion in the report.
Its proximity to Toronto offers easy access to a major metropolitan hub, while providing the benefits of a smaller, focused innovation ecosystem. This allows companies to take advantage of both the extensive business network found in Toronto and the specialized expertise found in Waterloo.
The report also highlights Ontario’s leadership in foreign direct investment (FDI). Major investments such as Honda Motor Co.’s $15B and Ford Motor Co.’s $2.3B expansions are helping Ontario build out its electric vehicle supply chain. Waterloo plays a key role in this larger provincial trend.
Why invest in Waterloo?
The report makes a clear case: Waterloo’s ability to consistently attract major investments, from companies like BWXT Canada and Westinghouse, has strengthened its economy and reinforced its global reputation as a leader in innovation and advanced technology.
This proven success, combined with a highly educated workforce and strategic location, positions Waterloo as one of Canada’s leading regions for growth and expansion.
We can show you why it’s worth considering Waterloo.