B.C. remains a hotbed for small business growth, according to a new report by BMO Financial Group.
The study found a number of B.C. cities were national leaders of small business growth during the past five years,.
Abbotsford was ranked third in the country for small business growth, reporting a 10.2% increase in small businesses between 2004 and 2009. Toronto was first with 15.1% growth and Guelph, Ontario was second (13.8%).
Vancouver ranked fourth with 9.3% growth in the number of small businesses in the past five years. Kelowna ranked sixth (8.4%) and Victoria ranked tenth (6.1%).
B.C. communities also outranked cities in other provinces in terms of concentration of small businesses. Kelowna had the highest concentration with about 40 small businesses per 1,000 people, followed by Calgary (39), Vancouver (37), Edmonton (37), Victoria (35), St. John's, Newfoundland (33), Moncton (32), Abbotsford (32), Saskatoon (32) and Toronto (30).
The report highlights updated statistics on B.C.'s small business sector. The B.C. Ministry of Small Business, Technology and Economic Development released its new small business report Friday. It said B.C. has, on average, 87.7 small businesses per 1,000 people in 2008.
Small businesses accounted for 34% of the province's gross domestic product, the highest of all provinces. B.C. also has the highest share of self-employed workers, 18.5% of total employment versus the national average of 15.4%.
Eighty-two per cent of B.C.'s 384,300 small businesses were micro-businesses with fewer than five employees.