Competitive Alternatives

KPMG’s Guide to International Business Location Costs
2012 Edition
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are available at www. Further details on the study methodology. India. Aspects addressed by the study include labor availability and skills. plus full study results. Competitive Alternatives 2012 compares five leading high growth countries—Brazil. • Education/skilled labor – Access to education has been growing rapidly in the high growth markets. This Th study contains valuable information for any company considering international business location options. particularly China and India. © 2012 KPMG LLP . and why to enter these markets. Over the last decade. Russia. these five countries have nearly doubled their share of world output and they now account for one fifth of global GDP . including: • Population/demographics – The high growth countries generally have a young age demographic. Rapid economic growth has also led to the emergence of a large and growing middle class in these countries. India. overtaking Japan and now ranking only behind the United States. Canada. with population aging issues similar to the mature countries. Mexico. as has the demand for skilled workers. For the first time. China. However. The study measures the combined impact of 26 significant cost components that vary by location. and skill shortages in certain fields as demand for educated workers has outstripped the growth of the education systems. While the high growth markets offer many opportunities to business. regulatory environment. video game production. and personal quality of life factors. over a 10-year analysis horizon commencing in 2012. there are numerous factors to consider before deciding where. including three operations that are new in 2012— advanced battery/fuel cell manufacturing. innovation. and the United States. how. providing advantages for both labor supply and consumption. Russia is an exception in this regard. All rights reserved. study resources.com Co Competitive Alternatives 2012 is the most thorough comparison of international business locations ever undertaken by KPMG.A Guide to Business Location Costs Competitive Alternatives is KPMG’s guide to comparing international business locations in mature and high growth markets Competitive Alternatives 2012 compares business costs and other competitiveness factors in more than 110 cities in 14 countries. • Infrastructure – Infrastructure levels in the high growth countries are generally behind those of the mature countries. France. infrastructure. Competitive Alternatives also provides important information on non-cost factors that influence the business attractiveness of different locations. The rapid economic growth in these countries has been integrally linked with their lower labor costs and increasing importance in global supply chains. The study also updates the comparison of 10 other countries included in the 2010 edition—Australia. relatively high rates of wage inflation in recent years have been eroding the labor cost advantages in these countries. The primary focus of Competitive Alternatives is international business costs. cost of living. Germany. issues exist around both the quality of education in certain areas. China stands out among the high growth countries in recent years for the sheer scale of its infrastructure investments – particularly in the rapid development of its transportation and distribution networks. In 2010. China is also projected to move rapidly to an aging population demographic over the next two decades. These countries have all experienced similarly high rates of economic growth in recent years. However. Japan. leading to an increased focus on higher value added innovation. have historically focused on process and secondary product innovation in pursuit of production cost efficiencies. the Netherlands. In recent years. . and international financial services. and Russia. • Innovation – High growth economies. Mexico. a Swiss entity. economic conditions. New For 2012 – Major High Growth Markets For the first time. creating a more self-sustaining economic base. the 2012 study features four major high growth countries—Brazil. China became the world’s second largest economy. China has also surpassed both Germany and the United States to become the world’s leading exporter. Italy. The study compares 19 different business operations. and China—frequently referred to as the “BRIC Countries” . yet they still differ greatly in many other regards. Competitive Alternatives 2012 details a range of cost and non-cost issues related to the high growth markets. the United Kingdom.CompetitiveAlternatives. a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”).

5 100. while Japan has the highest cost structure at 9.1 97. France and Italy rank fourth and fifth among the mature markets.0% 3.0 1: Increase in cost index represents an increase in relative business costs since 2010. Australia and the United Kingdom have seen the greatest changes in business costs. to devaluations of the euro and the pound resulting from the European debt crisis. The business costs examined here do not include variations related to different physical security requirements that may be required in each country. Chicago. the Netherlands.3% 21. Costs in these countries are also compared to the US baseline. with overall business costs 25.2% – – – – 2.0% 2010 Edition 0.7 0. Pegged as the study baseline. Mexico ranks third among the high growth countries.0 96. with business costs five percent or more lower than the United States.9% -4.36 % Change3 -8. KPMG LLP (Canada).5% 5. costs in the United States rank sixth among the mature markets.4% Canadian $ Mexican peso Australian $ Japanese ¥ Canada France Italy United States Germany United Kingdom Netherlands Australia Japan India Mexico United States China Russia Brazil Brazilian R$ Russian RUB Indian Rs Chinese ¥ % cost advantage/disadvantage relative to the US SOURCE: Competitive Alternatives.2 100.1% -3. Australia’s business cost structure is 3. Business costs in the five emerging countries are below those in the nine mature countries examined. KPMG LLP (Canada).64 1. the following table tracks the change in business costs over the last two years. China and India are the low-cost leaders among the high growth countries.2% 11. . a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”). and Dallas-Fort Worth— form the US baseline against which costs for major cities in other countries are compared to determine the national results. albeit moving in opposite directions. Favorable results for the UK and the Netherlands are due.06 13. Business Cost Trends For the 10 countries included in both this and the prior 2010 edition of Competitive Alternatives.02 13.1 percent lower than in the US. Costs in Brazil are higher than in the other high growth countries.9% 7.86 – – – – 2012 Edition2 0.8 96.07 50.0 98. and approach the cost levels of the leading mature countries.80 31.8 -3.3% 5.0% 19. Among mature markets. below the United States.1 100. the United Kingdom.7 94. while costs in seventh-ranked Germany are virtually equal to the US. business costs are 19.99 77.0 -2.6 81.10 89. with business costs 21.0 2012 Edition 103. All rights reserved. respectively.61 1.64 0. a Swiss entity.9 0.4 percent above the US.0 94.The Bottom Line Mature Markets LOWER COST HIGHER COST Exchange Rates All study results are sensitive to exchange rates.2 -2. 2012 1: Per US$ 2: Average exchange rates for October-December 2011 3: Two-year appreciation/depreciation relative to US$ The four largest US metro areas—New York City.1 +1.7% -9.8 95.68 0. Brazil’s wage levels.33 1.9 percent lower than the US baseline.4 79.8 -1. 2012 % cost advantage/disadvantage relative to the US SOURCE: Competitive Alternatives. Los Angeles.75 6.8 -2.1% -0. Relative costs in both of these countries have risen in recent years due to the strong appreciation of their currencies relative to other major world currencies.5 98. BUSINESS COST INDEX Country Australia Canada France Germany Italy Japan Mexico Netherlands UK US 2010 Edition 97.74 0.0 Cost Change1 +5.1% 16. are significantly above those of the other high growth countries studied. © 2012 KPMG LLP .7% Currency Euro UK £ BASELINE 5. and Canada are the low-cost leaders.9 109.0 percent below the US.7 percent higher than the United States. including minimum wage standards.1% -4. In fourth-ranked Russia. Costs in France are 3.0 107.7% 3.7 95.3 102. The exchange rates used in this edition of Competitive Alternatives are as follows: EXCHANGE RATES1 BASELINE High Growth Markets LOWER COST HIGHER COST 25.5 -2. A heavy burden for both direct and indirect taxes also impacts Brazil’s total cost performance.8 and 25.6 100.7 percent below the US baseline. Business costs in Mexico and Russia are relatively close. in part. while costs in Italy are 2.07 1.8% 25.3 percent.

a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”). India. China. and Mexico offer the lowest overall costs in this sector. the United Kingdom.2% 44.4% 38.9% 45. due to a high indirect tax burden on businesses in this sector. Research & Development Cost differentials are generally higher for R&D. China. the Netherlands.0% -7. and the Netherlands are the most cost-competitive countries for digital operations.5% 39. These costs vary considerably by country and region.7% 8. India.9% -24. and France are the most cost-competitive countries for R&D operations. due to differences in labor costs for scientific and technical employees.3% -5.4% BASELINE 10.2% -1.1% 43. and Russia offer the lowest overall costs in this sector. as well as finance professionals.5% France Japan France Germany United States United States United Kingdom United Kingdom Netherlands Netherlands Germany Canada Australia Canada Netherlands United States Germany United Kingdom Australia High Growth Markets LOWER COST HIGHER COST LOWER COST High Growth Markets HIGHER COST LOWER COST High Growth Markets HIGHER COST 62.0% BASELINE BASELINE 4. as well as differences in the tax and incentive treatment of R&D costs among jurisdictions. while among the high growth markets.4% -1.4% 45.6% 3.2% -14. All rights reserved.5% 2.Results by Sector Results for specific business operations form the basis for comparing major sectors Digital Costs in the digital sector primarily reflect salary levels and benefit costs associated with hiring creative and technical IT professionals. and the Netherlands are the most cost-competitive countries for corporate services operations. while among the high growth markets.8% BASELINE 8.9% BASELINE 12. Canada.9% 56.2% 34.3% 5.9% Australia Canada France Japan Japan Italy Italy Italy . Among the mature markets.0% 6. Corporate Services Labor costs for entry-level administrative and customer service employees.8% 2.3% 5. resulting in generally higher cost differentials in this sector.0% 6.8% 43.2% -2.0% -4. Mexico. the United Kingdom.2% -26. Among the mature markets.1% -5.7% 9. Mature Markets HIGHER COST LOWER COST HIGHER COST Mature Markets LOWER COST HIGHER COST LOWER COST Mature Markets 14. a Swiss entity. are most significant in this sector. Canada. Canada. Among the mature markets. while among the high growth markets.1% 52.8% India China Mexico Russia Brazil United States India Mexico China Russia Brazil © 2012 KPMG LLP . India.9% 51.2% 0. Costs in Brazil are higher than in the leading mature countries. United States United States India China Russia Mexico Brazil BASELINE 17. and China offer the lowest overall costs in this sector.1% 9.

the United Kingdom. the Netherlands. which analyzes international tax issues in greater depth than the main report on business costs. followed by the United States. component costs fixed at other levels in the supply chain and costs for globally sourced equipment are similar by location. • In the high growth markets. those in the mature countries. Among the mature markets.). costs in the high growth countries are similar to. For many other business factors. Japan. resulting in lower cost differentials among countries than seen in other sectors. Labor costs represent the single largest location-sensitive cost factor for all industries examined. Canada.2% -6. etc. China) and Europe (France and the Netherlands). and the United Kingdom also offer the lowest effective corporate tax rates. a Swiss entity. All rights reserved. while China. but improving. Key Cost Factors Labor costs vary significantly between the high growth and mature countries. United States China India Russia Brazil Japan Italy .1% 15. and Mexico. labor costs account for approximately 55 percent of total location-sensitive costs in manufacturing and approximately 85 percent of total location-sensitive costs in the service operations examined. Canada. government pension plans. Russia. medical plans.5% 2. Utility costs include electricity and natural gas costs and represent up to 8 percent of total location-sensitive costs. France. Canada. and Mexico. The Focus on Tax report is expected in June 2012 at www. China. • For non-manufacturing operations. Canada. and China offer the lowest effective rates of corporate income tax. Taxes. • For corporate services. many of the countries studied offer significant R&D tax incentives. Russia. and China. total labor costs account for approximately 30 percent of total location-sensitive costs in manufacturing and approximately 65 percent of total location-sensitive costs in service operations. In the high growth markets. • Industrial facility lease costs average approximately 5 percent of total locationsensitive costs for the manufacturing operations examined. Effective income tax rates.5% 3. Taxes. and Italy. and Australia offer the lowest effective corporate income tax rates. and France are the most cost-competitive countries for manufacturing operations. the world’s largest exporter.1% 4.7% United Kingdom United States France Netherlands Canada Germany High Growth Markets LOWER COST HIGHER COST 21. Canada.Manufacturing For manufacturing operations.6% BASELINE 18. the Netherlands. Labor costs comprise wages and salaries. however. Mature Markets LOWER COST HIGHER COST 5. office lease costs average approximately 10 percent of total location-sensitive costs. Labor costs are lowest in India. • For manufacturing operations. and other benefits typically provided by employers. or even higher than. Overall utility costs are lowest in Russia.8% 0. the United Kingdom.7% Mexico Australia © 2012 KPMG LLP . France. China.com. Labor comparisons are based on a mix of 42 job positions.6% 15. statutory costs (payroll taxes. Competitive Alternatives Special Report: Focus on Tax. Office lease costs are lowest in India. levels of worker productivity seen in these countries. Mexico. • For research and development operations. Facility costs vary both by location and type of business operation.4% 6. the Netherlands. Labor costs are lowest in the United Kingdom.6% 3. • In the mature markets. offers the lowest overall costs in the manufacturing sector.0% BASELINE -3. total labor costs are adjusted for the higher rates of wage inflation and lower. and Australia offer the lowest effective tax rates in this sector. Canada. China. calculated net of generally applicable tax credits and incentives. a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”). Transportation costs vary by product and markets served. the United States. which vary by industry. Transportation costs vary widely by industry and represent between 6 and 22 percent of location-sensitive costs for the manufacturing operations examined.CompetitiveAlternatives. vary by business sector: • For digital operations. and Germany. Taxes Taxes typically represent up to 18 percent of location-sensitive costs across the locations and industries examined. Industrial lease costs are lowest in India. Canada. but tend to be lowest in Asia (India. Taxes are also the subject of a separate KPMG report.

0 (11) 100. while the 10 cities in high growth countries are ranked together as a single group .3 94.4 (12) 99. QC Wilmington.7 (5) 90. NM Austin. MS Jackson. MA Burlington. ME Boston.0 (11) 102.7 (9) Aircraft Parts Food Processing Auto Parts Specialty Chemicals Electronics Assembly Advanced Batteries/Fuel Cells Medical Device Manufacturing Metal Machining Pharmaceutical Products Plastic Products Precision Components Telecom Equipment 97. FL Mobile. CT Manchester.7 96.2 (10) 96.3 (12) 93.2 99. MATURE MARK AMERICAS EUROPE Canada US 100.4 99.3 95. MT COUNTRY United States Canada United States Canada United States Canada United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States INDEX 97.2 (8) 96.0 (12) 100.2 (9) 96.7 (8) 94. FL Midwest US/Western Canada Albuquerque. IA Champaign-Urbana. ND Houston.0 (6) 88.5 92.1 (10) 98.3 (13) 106.0 (10) 100. PA Pittsburgh. NB Halifax.0 (12) 100.3 103. NJ Trois-Rivières.2 (10) 95.6 (11) 101.7 94. SD St.2 (11) 100.7 100.8 (9) 98.0 (12) 100. TX Madison. TX Denver.0 (11) 100. NH Moncton.3 (12) 100.5 (11) 107.2 98.0 92. QC COUNTRY INDEX RANK United States United States United States Canada Canada Canada United States United States Canada United States Canada United States United States United States United States United States United States United States United States Canada United States United States United States United States Canada 95. CA Portland.0 (11) 100. TN New Orleans. NV Los Angeles.0 96.0 (10) 98.2 94.0 95.2 (12) 99.7 (6) 85. Louis. ID Honolulu. OR COUNTRY Canada United Stat United Stat United Stat United Stat United Stat United Stat Canada United Stat United Stat United Stat United Stat United Stat United Stat United Stat United Stat Canada United Stat United Stat United Stat Canada United Stat United Stat United Stat United Stat United Stat United Stat 1: Business costs are compared in 19 industries.2 6 11 8 4 2 3 10 9 1 7 5 11 15 5 9 12 17 10 4 3 21 18 19 13 2 LOCATION Saginaw. based on analysis of one specific type of business operation within each industry.9 (10) Overall Cost Results by Region and City1 MATURE MARKETS MATURE MARKETS MATURE MAR LOCATION AMERICAS New England/Atlantic Canada Bangor.9 (5) 93. KS Winnipeg.5 (8) 97. PA Quebec City. a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”).6 (8) 101.7 (10) 97.5 (5) 96. Dvlt/Testing International Financial Services Shared Services Center OVERALL RESULTS 77.1 97. AZ Salt Lake City.0 (11) 100.0 (12) 100. MB Pacific US/Canada Anchorage.9 (8) 97.7 (12) 101.3 96. NE Phoenix.7 96. NY North Virginia (Metro DC).9 (8) 97. QC New York City.g. NY Charleston.8 98.9 96.1 95. FL Raleigh.) For National Cost Results.9 (9) 95. NL Northeast US/Canada Baltimore.6 93.0 (10) 98. NC Shreveport.0 (7) 97. TX Billings.1 (9) 100. LA Gulfport-Biloxi. SC Tampa.0 (11) 96.9 97.0 (8) 100. OH Southeast US Atlanta. SK Sioux Falls.0 (10) 100.0 (8) 97.8 (10) 96. WI Minneapolis. IN Lexington.4 (5) 89.2 94.5 (7) 99.4 (7) 96.0 (12) 100. KY Montreal.4 (7) R&D Biotechnology Clinical Trials Product Testing CORPORATE SERVICES Professional Services Support Services OVERALL RESULTS 95.1 (6) 86.5 (12) 94. PE Fredericton. LA Orlando.0 (6) 95. TX Beaumont.8 94.0% cost advantage relative to the US.3 (9) 96.8 (9) 97.1 97.1 (7) 96. All rights reserved.0 (11) 100.8 95.3 (12) 100.0 (10) 100.4 97.6 (9) 91.8 (7) 96.3 98.0 97. an index number of 95.6 (12) Italy 98. MI Indianapolis.0 (8) 94.0 (11) 100. AB Cedar Rapids.1 (12) 100. Overall results reflect the combined results for all 19 indust greater than 100 indicates higher costs than the US.2 (11) 101. MN Oklahoma City.8 93. NS Hartford.0 (11) 100. VT Charlottetown. CO Edmonton.8 96.0 97. AL Montgomery.0 (10) 94. ON Youngstown.8 (9) 96.4 95. ON Trenton. all 14 countries are ranked are grouped by region and ranked within their region (with 1 representing the lowest cost city in the region).0 (11) 100.0 (12) 100. LA Spartanburg.1 (8) 79. AK Boise.1 (12) 97.1 (12) 98. WV Cincinnati. MI Toronto.0 92.9 (12) 98. AR Miami.6 (8) 96.8 (8) 93.National and Overall Cost Results National Cost Results by Industry and Business Operation1 INDUSTRY MANUFACTURING Aerospace Agri-Food Automotive Chemicals Electronics Green Energy Medical Devices Metal Components Pharmaceuticals Plastics Precision Manufacturing Telecommunications DIGITAL Digital Entertainment Software Design Video Game Production Software Development Biomedical R&D Clinical Trials Management Electronic Syst. (e. IL Cheyenne.9 (10) 94. NB Providence.0 (11) 100.1 94.4 (10) 101.1 98.3 (11) 102.3 95.8 95.0 95.. OH Cleveland. UT Saskatoon. GA Baton Rouge. OK Omaha.7 101.0 (11) 98.3 97. John's.1 92. MS Little Rock.2 (11) Germany 100.9 (9) 96. HI Las Vegas. MO Wichita. RI St. DE Windsor-Essex.1 (10) 96. OH Detroit.4 96.3 94. AB Fargo.5 (8) 96.6 (10) 97.0 represents a 5.4 (10) 106.4 101.0 (10) 100.8 (10) 95. IL Dallas-Fort Worth.1 (9) 93.4 (12) 107. a Swiss entity. MD Buffalo.7 96.0 95.1 95.9 (12) 101.9 (6) BUSINESS OPERATION © 2012 KPMG LLP .6 (11) 99. AL Nashville.6 (8) 97.0 (10) France 97. VA Philadelphia.4 RANK 14 8 20 1 16 7 6 11 2 3 10 5 15 6 4 7 9 12 14 1 8 13 11 15 17 6 LOCATION Calgary.1 99. WY Chicago.

2 (7) 94.0 108.2 102.9 (3) 38.5 (9) 95.1 (4) 81.8 (6) 94.1 97.7 (6) 94.5 (3) 81.0 (14) 107.2 (7) 89.2 (6) 94.5 112.1 (1) 39.9 (14) 106.9 (13) 100.4 (5) 95.4 (3) 87.4 RANK 9 10 7 6 France France Germany Germany Italy Italy Netherlands Netherlands England England Australia Australia Australia Australia Japan Japan 94.3 (3) 59. An index d together (with 1 representing the lowest cost country and 14 representing the highest cost country).2 (1) 77.6 (2) 40.3 97.2 (7) 96.9 97.1 95.1 (4) 76. CA Sacramento.7 (2) 76.1 (2) 87.6 (2) 76.8 (3) 84.5 (14) 117.5 (13) 100. An index less than 100 indicates lower costs than the US.6 (5) 90.7 100.8 97.7 (9) 72.2 (9) 96.3 (4) 74.2 (2) 86.0 77.6 (8) 92.1 (14) 104.6 97.4 105.2 98. All rights reserved.5 (2) 57.6 (14) 133.9 (3) 52.0 (1) 81.7 (3) 80. the 103 cities in mature countries (with 1 representing the lowest cost city).9 (1) 53.7 78.2 (3) 61.4 (6) 95.9 76.0 (6) 94.5 (5) 91.4 (14) 105.4 94.0 (1) 28.7 (4) 87.9 (3) 59.7 96.3 (3) 85. BC EUROPE Marseille Paris Berlin Frankfurt Milan Rome Amsterdam Rotterdam London Manchester ASIA PACIFIC Adelaide Brisbane Melbourne Sydney Osaka Tokyo COUNTRY Canada United States United States United States United States United States United States United States Canada INDEX 96.5 (14) 131.5 8 5 es es es es es es ASIA PACIFIC Chengdu Shanghai Chennai Mumbai China China India India 72.0 (3) 85.4 98.6 (4) 86.0 (3) 87.0 (14) 110.4 (7) 99.0 (14) 114.3 RANK 20 9 12 3 25 14 24 10 13 22 18 23 7 8 21 19 4 2 16 5 1 14 3 15 7 11 8 LOCATION Prince George.1 (4) 60.0 (7) 96.5 95.8 (1) 85.3 72.0 (5) 94.5 (2) 82.0 (2) 81. CA Seattle.8 (7) 96.6 (13) 102.2 (2) 55.1 98.7 (2) 52.5 98.1 96.6 (13) 105.3 (2) 73.3 95.8 (2) 59.1 (1) 78.0 96. a Swiss entity.0 (14) 115.3 2 8 7 10 5 6 4 3 9 1 1 3 2 4 5 6 EUROPE Moscow Saint Petersburg Russia Russia 83.9 (1) 76.5 (13) 103.1 95.0 98. COST INDEX (RANK) HIGH GROWTH MARKETS ASIA PACIFIC AMERICAS EUROPE ASIA PACIFIC KETS Netherlands 95.1 (13) 101.1 98.3 96.0 (9) 94.2 95.1 (13) 100.1 (3) Russia 85.5 98.2 (7) 96.© 2012 KPMG LLP .7 (14) 128.5 (5) 91.3 (7) 93.1 (4) 83.1 (6) 94.9 (4) China 78.4 (13) 110.8 (1) 79.0 106.4 (3) 80.0.5 101.6 104.9 (4) 83.1 90.1 (4) 83. .7 (13) 109.5 RANK 2 6 9 5 10 13 12 4 1 LOCATION AMERICAS Belo Horizonte São Paulo Mexico City Monterrey COUNTRY Brazil Brazil Mexico Mexico INDEX 91.9 99.6 (7) 89. WA Vancouver.4 (14) 104.4 (5) Mexico 84.7 (6) 96.4 96.8 (6) 92.4 1 3 2 4 tries.0 (7) 92.4 (9) 92.3 (4) 60. BC Riverside-San Bernardino.9 (14) 110.7 94.2 95.5 (5) 97.7 (5) 89.1 (14) 103.0 (6) 99.0 76.0 (7) 95.6 (3) 71.3 (2) 79.2 (4) 86.2 (6) Australia 105.1 (1) 76.4 (3) 87.1 (4) 62.9 (1) 94.3 95.5 (13) 111.7 (13) 102.4 (13) 102.6 (4) 81.8 (9) 94. a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”).6 98.5 (14) 118.1 100.6 (13) 109.6 100. WA Spokane.5 (5) 90.9 (1) 47.2 97.6 79.0 (3) 80.7 98.3 (2) 52.2 (1) 74.2 (1) 55.4 (14) 93.6 (3) 88.5 (13) 107.8 (11) 108.0 102.7 (2) RKETS MATURE MARKETS HIGH GROWTH MARKETS Y es es es es es es es es es es es es es es es es es INDEX 97.3 (1) 86.8 (2) 71.1 (1) 86.7 (7) 94.4 (4) 82.1 (13) 105.3 (9) 92.4 94.8 102.4 (2) 80.9 94.3 (9) 94.7 (6) 95.8 (8) 97.6 (5) 95.0 (5) 79.6 (8) 91.0 (14) 102.4 (13) Japan 107.4 (6) 96.2 (5) 92.6 (14) 108.2 (13) 102.5 (8) 95.0 (7) 90. CA San Francisco.8 (4) 62.8 105.5 (9) 89.4 (13) 101.2 (5) 94.4 (13) 113.5 (6) 103.4 (6) 95.3 97.7 (6) 93.5 (4) 62.2 (3) 78.5 (1) 67.0 (5) 90.4 (14) 107.9 (2) 53.3 (4) 58.8 (1) 45.8 (1) 76. CA Salem.1 (5) 94. with the United States being assigned the baseline index of 100.6 (1) 46. OR San Diego.4 (4) 53.8 (5) 94.3 (2) 82.0 (8) UK 98.0 (14) Brazil 94.2 99. Business costs are expressed as an index. For Overall Cost Results by Region and City.7 (3) 60.5 (7) 83.4 (8) 94.9 (4) 87.4 (2) India 81.3 103.6 97.

com Italy Domenico Busetto +39 045 811 4111 dbusetto@kstudioassociato.com Sponsors Department of the Premier and Cabinet.com Alberta Treasury Board and Enterprise www. logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International.ca British Columbia Ministry of Jobs.com Economic Development Winnipeg Inc.com Montréal International www.opportunitylouisiana.br Canada Brad Watson +1 416 777 8142 bdwatson@kpmg. www.CompetitiveAlternatives.com www. industry-specific knowledge that can help support business expansion and relocation decisions.nl Russia Graham Povey +7 495 626 5445 x10260 gpovey@kpmg. there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future.org Enterprise Saskatchewan www.com Calgary Economic Development www.ca Enterprise Greater Moncton www.economicdevelopmentwinnipeg.com Edmonton Economic Development Corporation www.enterprisesaskatchewan.initiativespg.ca Nova Scotia Business Inc.inbcanada.novascotiabusiness. a Swiss entity.com Québec International www.com Initiatives Prince George Development Corporation www.acoa.ca Greater Halifax Partnership www.au Brazil Marienne Mendonça Shiota Coutinho +55 11 2183 3182 mmcoutinho@kpmg. © 2012 KPMG LLP .manitoba-canada.choosewindsoressex. KPMG’s GLES professionals offer locally relevant.com Invest NB www. Business and Rural Development www.com Enterprise Fredericton www.innovationpei.uk United States Hartley Powell +1 704 335 5583 whpowell@kpmg.com France Olivier Schmitt +33 1 5568 1592 oschmitt@fidalinternational.ashworth@kpmg.ca Denis Lacroix +1 514 840 2550 ddlacroix@kpmg.com.com Treena Cook +1 604 484 4623 tcook@mmkconsulting.com.greatermoncton.ca China Anthony Chau +86 28 8673 3916 anthony. South Australia www.com WindsorEssex Economic Development Corporation www.kpmg.com Vancouver Economic Commission www.albertacanada. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. Study Leaders Glenn Mair +1 604 484 4622 gmair@mmkconsulting. KPMG’s Member Firm Contacts Australia Simon Corden +61 3 9288 6183 scorden@kpmg.com Germany Tim Löbig +49 89 9282 4458 timloebig@kpmg. All rights reserved. a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”).com Innovation PEI www.ito@jp. Although we endeavor to provide accurate and timely information.ca Saskatoon Regional Economic Development Authority Inc.enterprisefredericton. Tourism and Innovation www.ca Elio Luongo +1 416 777 3586 eluongo@kpmg.com www.com About KPMG's Global Location and Expansion Services Based in all regions of the globe.southaustralia.mmkconsulting.chau@kpmg.com.com Major Study Contributors www.com Mexico Luis Ricardo Rodriguez +52 81 8122 1946 luisricardorodriguez@kpmg. www.erieri. .com The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity.calgaryeconomicdevelopment.www.edmonton..vancouvereconomic.imercer.idetr.montrealinternational.greaterhalifax.ca Manitoba Trade and Investment www.com MMK Consulting Inc.investbc.colliers. www.it Japan Yasuhiko Ito +81 3 6229 8340 yasuhiko.sreda.nlbusiness.com Stuart MacKay +1 604 484 4621 smackay@mmkconsulting.com Innovation et Développement économique Trois-Rivières www.com Atlantic Canada Opportunities Agency www.elbert@kpmg. The KPMG name.de India Rajesh Jain +91 22 3090 2370 rcjain@kpmg.com www.biz Louisiana Economic Development www.mx Netherlands Elbert Waller +31 20 656 7009 waller.quebecinternational.ru United Kingdom David Ashworth +44 118 964 2458 david.co.com Newfoundland and Labrador Department of Innovation.

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