March 11, 1999
(Executive Council)

St. John's remains one of the most cost-effective cities for business

St. John's, Newfoundland and Labrador remains one of the most cost-effective cities in the world in which to do business, according to the latest KPMG study released today in Ottawa.

In the 1999 study of 64 cites in eight countries, St. John's is rated in second place, just a half-point behind Sherbrooke, Quebec. In KPMG's 1998 study of 42 cities in seven countries, St. John's emerged in the number one position.

"These latest results send an excellent promotional message for Newfoundland and Labrador," says Premier Brian Tobin. "The KPMG Study is an exacting assessment of key business factors, and even with such an increase in the study's national and international sample size, St. John's remains at the forefront of the most cost effective cities."

In the latest study, Japan was added to the country list of the United States, the United Kingdom, Austria, Canada, Germany, Italy and France. In the study, there are 25 Canadian cities, 21 American, 15 European, and three from Japan.

According to preliminary data from the KPMG study, the top four most cost effective cities for business are Sherbrooke, Quebec; St. John's, Newfoundland and Labrador; Charlottetown, PEI.; and Quebec City.

"These latest results position us very well to send a positive business message to the international business community," the premier added. "We look forward to receiving the full report and reviewing the results in detail."

Copies of the full 160 page KPMG report, which retails for $49.95, will be forwarded to St. John's later this week.

Media contact: Heidi Bonnell, Director of Communications, Office of the Premier, (709) 729-3564.

1999 03 11                                 5:20 p.m.