Canada, Florida's Largest Economic Partner

Canada and Florida Economic Relationship: An Encouraging Story in a Difficult Time

Presentation to the Presentation to the Global Business Alliance of the Palm BeachesGlobal Business Alliance of the Palm Beaches

September 14, 2010September 14, 2010

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• Canada: a mosaic of diversity and creativity

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• Canada’s blockbuster talent

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• Canadian voices

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• Our flag: the maple leaf is Canada’s logo around the world

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• Canada’s Coat of Arms

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• A recent survey covering 28,000 people in 27 countries…

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• …found that the world has a positive view of Canada

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A 2010 online survey of over 18,000 people in 24 countries, conducted by Ipsos Reid, shows that a majority (53%) of people say they’d live in Canada if they had an opportunity to move. Almost one-third (30%) of Americans would choose Canada.

Other key findings include:

•   Eight in ten (79%) respondents think that Canadians enjoy one of the best qualities of life anywhere in the world. Nine in ten (89%) Canadians believe this – making them the country most likely to agree.•   Most respondents (72%) believe that Canada is welcoming to immigrants, including 86% in China and 84% in India, while almost all (94%) Canadians think so. •   Eight in ten (79%) of respondents would describe Canada as being tolerant of people from different racial and cultural backgrounds – equal to the proportion of Canadians (81%) who say the same thing.

• And a more recent study shows that most people would live in Canada (if they could).

Mexico City

1000 km

500 km

Los Angeles

Denver

Houston

Atlanta

Seattle

Miami

New York

Boston

Philadelphia

WashingtonBaltimore

DetroitChicago Cleveland

St. LouisPittsburgh

Milwaukee

San Francisco

St. John's

CalgaryVancouver

ReginaHalifax

TorontoMontréal

WinnipegCharlottetown

Edmonton

VictoriaOttawa

Windsor

QuébecFredericton

Saskatoon

Market Access• A shared geography and an unparalleled partnership

• Today we enjoy the largest trading relationship in the world

Investment = Influence

Largest Foreign Investor• Canada is also a top investor in the U.S.

Top Foreign Investors in FloridaBy Value (billions) By Jobs Created

Japan $4.16 UK 45,000

Germany $4.13 Canada 24,300

UK $3.88 Germany 22,600

Australia $3.56 Japan 21,100

Canada $3.36 Netherlands 20,700

• Canada represents 10% of all Foreign Direct Investment to Florida

Canadian Businesses• Some Canadian subsidiaries in the Sunshine State

• Canadians are Florida’s largest and most loyal tourists

• 64% of foreign passengers to the West Palm Beach International Airport are Canadian!

• Canada leads the G8 in fiscal discipline

• Canada: the most resilient economy in the G8

• Canada’s unemployment rate is about 8% today

• The IMF says that our GDP growth will lead the G8 this year

• A U.S. conservative think tank and the Wall Street Journal say that Canada has the freest economy in the Americas

• Forbes magazine ranked Canada as the 4th best country for business in 2010, ahead of the U.S.

• Newsweek also ranked Canada this year as the 7th best country in the world

• Canada’s strong economy recognized by the U.S. media

2005 vs. 2010

Canada--Largest buyer of U.S. residential real estate in the Past Three Years.

• Canada is responsible for nearly one in four closings with international buyers across the United States

• Most Canadians, like their international peers, buy homes worth about $200K in the U.S.

• Unless your Celine Dion

Florida represented 1/4 of Canadian real estate purchases made in the US.

Canadians that own property in Florida range as high as 450,000.

The total value of Canadian residential property in Florida could approach $40 billion.

Canadians are attracted to coastlines.

Over half of Canadians pay cash.

Canadians Own More Homes in Florida than Any Other Nationality

HOME PURCHASES IN FLORIDA By Location, 2006

Source: National Association of Realtors

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• Thank You!