Terrace
Review the Business Climate
How it's done
The business climate is the general economic environment that local businesses operate in. Reviewing and understanding the local business climate provides valuable insights about the economy, costs, risks, and incentives that may impact the success of your business. This activity will guide you to better understand the business climate in Terrace and help you answer the following fundamental questions.
What is the business climate in Terrace?
We have compiled the most important aspects of Terrace’s business climate as an interactive dashboard below. This dashboard provides valuable economic, resident, household, dwelling and development indicators that may influence the success of your business.
What costs and assistance should I know about?
Whether you have a new or existing business it is critical to be aware of costs, incentives and grants that impact your business. This dashboard provides you with a snapshot of the major costs of conducting business in Terrace and assistance available to Terrace businesses.
Based on 2016 rates, Terrace property taxation is very competitive compared to other population centers in Northwest B.C and is comparable to that of Prince George. Learn More
Our Development Team
The Development Services team at the City of Terrace accept licence or permit applications and are available to answer any related questions you may have.
Call Development Services directly at 250-635-3467
Fees
Costs for applications are posted in the Planning Fees Bylaw
Water and sewer rates: Water Distribution and Sale Bylaw
The City of Terrace has no development cost charges, which can be a significant charge in some larger urban centers.
Minimum, median and maximum wage estimates for a range of occupations in the Region are displayed on the Federal Government Job Bank website.
The wages are specific to an occupation and provide information on earnings of workers at the regional level. Wages for most occupations are also provided at the national and provincial level. In Canada, all jobs are associated with one specific occupational grouping which is determined by the National Occupational Classification (NOC). Job Bank
Are you new to B.C. or thinking of moving here? Need help deciding where to locate a business? The Cost of Living Calculator can help you to make the right moves! Cost of Living Calculator
Storefront Improvement grants.
The City of Terrace has two incentive programs that forgive property taxes based on the assessed value of the property. If you are considering building new or renovating an existing building in either the downtown or at the airport, further information on these programs is available at the links below.
Downtown Revitalization Tax Credit
Airport Revitalization Tax Credit
Economic Development demolition incentive
This incentive for developers is to encourage dilapidated buildings to be removed. It is allocated on a first come basis.
Community Futures 16/37's Mission is to "Promote and support the development of a healthy and diversified community-based, regional economy." Community Futures 16-37 provides information and assistance for new and expanding businesses in NW BC. Learn more
Business Development Center’s mission is to help create a develop strong businesses in Terrace. They provide small business loans and larger project financing. They have a network of business consultants in Terrace who can provide practical advice and help accelerate company growth. Learn more
Futurpreneur is a National organization that provides entrepreneurial support for people aged 18-39 through financial support, mentorship, and providing tools for sustainable business development. They have a Northwest regional program called ThriveNorth
Northern Development Initiative Trust offers a range of funding programs for economic development in central and northern BC Learn more
How do I use this information?
Having access to business climate statistics and information is one thing, but it's quite another to use data effectively and in a way that will benefit your business. This next section will help you do just that. Learn how to use this information to make better business decisions.
Monitor the local business climate
On-going assessment of the business climate is an essential part of operating a competitive business. In any business climate, there are numerous factors outside your control that will impact your business, both positively and negatively. The health of the economy impacts all businesses, but small businesses usually feel the effect of economic changes faster than big businesses. Improvements in the economy typically provide a rapid increase in new opportunities for small businesses, while an economic downturn can have a significant and prolonged negative impact.
Unfortunately, you can’t influence the economy, but you can monitor the business climate indicators provided above and then take the necessary actions to minimize risks to your business. Staying up to date with the business climate can also help you identify new opportunities that your business can take advantage of.
Know your costs
All industries are unique and incur different types of costs when starting or operating. Understanding these costs is essential when it comes to setting prices, budgeting and planning for growth or downturns. We’ve provided some of the local costs associated with taxes, development and labour that often get overlooked by businesses. There may be other municipal and provincial costs that apply to your business so we encourage you to contact us to find out more.
Where can I learn more about the business climate?
While we are providing you with a range of valuable information about the business climate, the fact is that there's much more available. In this section we provide you with links to other websites that will supplement our information and help to keep your finger on the pulse.
There may also be other municipal and provincial costs that apply to your business so we encourage you to contact us to find out more.
| BCStats |
| British Columbia Ministry of Finance |
| Statistics Canada |
| OECD |
