The economy is in a funk, major banks are on the ropes, and real estate prices are dropping nationwide.
What a perfect time to invest in the North Country.
This region is thriving, banks continue to lend, new industries are locating here all the time, and the real estate market continues to hold its own, while still offering tremendous value.
There are many reasons for this apparent irony.
First, this is an area that moves. It moves goods and services between Canada's largest province and the U.S.'s largest market, through the most efficient border crossing in the country. The Quebec-New York Transportation Corridor goes right from Montreal to New York City, with easy access to markets in the tens of millions. And the Corridor has been identified as a major strategic opportunity by both the governments of Quebec and New York State.
This area moves more people to Florida, South Carolina, and Boston and back than just about any town its size. The airport is unparalleled, with a runway large enough to be designated an alternate landing site for the Space Shuttle, and with a world class infrastructure ready to accommodate cargo and aeronautical firms. And the lack of congestion here means one could move a package from 30 St. Catherine Street in Montreal to 30,000 feet, bound anywhere in the world, quicker than having to navigate the Montreal airports and air traffic.
It has an ability to create turnkey industrial sites, at very reasonable rates, for industries that can take advantage of the workforce and location. The Development Corporation and the local Industrial Development Agencies own property and can offer tax advantages that are the envy of communities elsewhere.
It has a well skilled and well educated workforce, and is willing to invest in the workforce on spec.
It has banks that are willing and eager to lend, and have not been caught up by the taint of credit that so pervades the largest banks.
This town remains very affordable for its residents, with home prices holding their own, but still half to a third of the prices found elsewhere. It is a town that emphasizes quality of family and life, with amazing amenities and opportunities at our doorstep and within an hour's drive.
It is a region with lower wage rates, lease rates, and operating costs than many other locations around the world. In a recent study by me and attorney Bill Owens, and published in Strictly Business magazine, we discovered that the cost of doing business overall in the North Country was about 80% of the cost near Montreal in 2008. This is but one of the advantages that have attracted so many new industries, large and small, to our region.
And this is a town that epitomizes the value of a good honest day's work for an honest day's pay.
These are the values that are necessary to build out any new market and to compete globally.
There is nothing small about this town.
But don't tell too many people! It is our quiet little secret.