Each year, Site Selection Magazine releases a ranking of the best Canadian locations for foreign direct investment (FDI). For the third consecutive year, Waterloo is on the “2021 Canada’s Best Locations” list, which is unranked.
Why has Waterloo made the list?
First and foremost, Site Selection calls out CBRE’s recent scoring tech talent rankings, which tabbed Waterloo as the top small tech talent market in North America. They also highlight the University of Waterloo – Canada’s top technology university – which was #1 for computer science, mathematics and engineering in the most recent Maclean’s Magazine rankings and in the top-25 for computer science worldwide according to the QS World University Rankings.
Site Selection also highlighted Waterloo’s successes in the first half of 2021 – a new organizational record for investments ($320 million) and 97 potential investments valued at $2.1 billion – as evidence that the community is on a hot streak. This includes investments from global tech brands like MasterClass and EPAM Systems.
“I've had great experiences working with Waterloo-based technical teams and am excited to partner with Canada's thriving and collaborative tech community to support this expansion,” said Paul Bankhead, the chief product officer at MasterClass.
In addition to the Waterloo EDC investments closed in the first half of 2021, a recent report from Hockeystick has noted that the Waterloo tech community also hit new heights in Q2, with companies raising $749.7 million. This includes companies that are among the most exciting in Canada, including Faire, ApplyBoard and Arctic Wolf.
The Site Selection report also ranked Canadian provinces, putting Ontario – where you’ll find Waterloo – at number two. The supporting evidence for this high ranking includes a $100 million contribution to the Venture Ontario Fund and significant new investments in aerospace and automotive. Ontario accounted for nearly half of all Canadian venture capital invested in Q1 2021.
For more information, read the full Site Selection Canada’s Best Locations ranking.
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