The Canadian Federation of Independent Business released their Canadian City rankings for entrepreneurship on Monday, October 17.

Airdrie, which falls under the Calgary periphery has been ranked number 23 for top entrepreneurial communities, which is the first time in 5 years that the city has fallen from the number 1 spot.

Ted Mallett, Vice President and Chief Economist at CFIB said that there are a couple different factors that have lead to Airdrie's drop in ranking.

"We think that because of the temporary set back of the oil economy, it's harmed the ranking but it's still a very good level ranking relative to other cities across the country."

Mallett said that communities like Airdrie are usually much more accommodating to small business due to the lower property and income taxes.

"If your a small business wanting to start up in commercial space for the first time, it's more likely that a suburban space will be more reasonable than downtown space."

Airdrie is not the only city that has fallen victim to a lower ranking, the City of Calgary has fallen from a spot within the top 10 all the way down to 112.