HALIFAX, April 14, 2014 /CNW/ - A new report released by the Greater Halifax Partnership today shows that Head and Regional Offices (HROs) are major contributors to Halifax's and Nova Scotia's economy. HROs create high paying jobs, increase procurement of goods and services, enhance corporate social responsibility, and advance research and development that generate new opportunities.
Nova Scotia is home to 78 head offices, the highest concentration in Atlantic Canada and the highest number per capita in Eastern Canada. The province is also home to a substantial regional office presence including all of Canada's five major banks and several fortune 500 companies, most of which are located in Halifax.
"Head and Regional Offices make a significant impact on Halifax's and the province's economy," says Fred Morley, Executive Vice President and Chief Economist at the Greater Halifax Partnership. "The 53 Halifax-based HROs included in the economic impact analysis contribute more than $1.3 billion annually to the production of goods and services in Nova Scotia and their demand for other local goods and services support spin-off activity of $1.1 billion for local businesses. This represents about 15% of the total Halifax economy. The impact of all head and regional offices in Halifax is likely three to five times larger."
This cross-section of HROs support 25,611 direct and spin-off person-years of employment and a total of $1.3 billion in household income including $574.5 million in direct household income and $744.1 million in spin-off household income. This translates into $77.5 million spent on mortgages in Nova Scotia, $83.7 million on vehicles, and $139.6 million spent on groceries and restaurants. In addition, HRO activity and the resulting spin-offs generate $193 million in federal taxes and $194 million in provincial taxes annually. (Please see link to infographic below.)
As corporate citizens of our community, HROs also make notable contributions to community development through direct charitable giving ($11.9 million in 2013), employee giving and time volunteered by employees and management.
"What this study clearly shows is that HROs are good for our economy and our communities," says Morley. "Many communities across Canada and around the world – like Vancouver, Atlanta, Georgia and Dublin, Ireland - are paying close attention to HROs and are launching targeted programs to attract and retain operations. Halifax needs to do the same to enhance its position as a location of choice for HROs."
The HRO report outlines 15 actions to support the attraction, retention and expansion of HROs in Halifax. They include examining regulatory, process and taxation issues; leveraging connections for newcomers and immigrants to establish international investment initiatives; and exploring the potential of creating a Free Trade Zone like those employed in Atlanta, Georgia and Tallinn, Estonia.
About the Greater Halifax Partnership
The Greater Halifax Partnership is the lead economic development organization for Halifax. The Partnership works to keep and grow business, attract new investment, strengthen the community and help people succeed. More than 120 businesses and all three levels of government invest in the Partnership to support economic growth in Halifax. www.greaterhalifax.com
SOURCE: GREATER HALIFAX PARTNERSHIP
For further information: or media inquires please contact: Michelle Forsey, Greater Halifax Partnership, Phone: (902) 490-6335 (o), (902) 456-7535 (c), Email: firstname.lastname@example.org