A Great Place to Do Business
The Terrace Bay economy is growing with the investments by the forestry and healthcare industries. The Township has invested in water and sewer infrastructure with additional capacity for businesses to expand.
Additionally, These Are Some of the Benefits of Investing in Terrace Bay:
- Terrace Bay is known for encouraging economic growth, as shown by the 2010/2011 Entrepreneurial Community of the Year Award by the Northern Ontario Business Awards.
- Terrace Bay is strategically located in the centre of Canada and the U.S
- Low worker health benefits in comparison to the US and other countries
- Stable major employer with a $250 million investment by the Aditya Birla Group
- Investments in the local economy with over $8 million invested in the McCausland
- Hospital Long-Term Care Project in 2009, $44 million invested in the pulp mill for an electricity cogeneration turbine and restart guarantees in 2010, $5.5 million for a new primary school and daycare in 2007 and $13 million in water infrastructure from 2005-2009.
- Promising recently completed economic development initiatives including the $3 million Downtown Revitalization Project and the $2 million Cultural Centre project.
- Available, affordable commercial/industrial land.
- Available, affordable residential real estate.
- High potential for renewable energy alternatives.
- Excellent transportation options through highway, railway and access to Lake Superior.
- Excellent regional trades labour.
- Strong regional education options through Lakehead University and Confederation College