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Toronto overview |
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A continental gateway and a crossroads for the world, Toronto, Canada’s business capital ranks alongside economic powerhouses such as New York, Boston and Chicago.
The city’s remarkably diverse economy creates unlimited business opportunities. This is a city of innovation and ingenuity, a leader in everything from proteomics to debit cards.
Toronto is the most diversified economy of any city-region in North America. Toronto ranks in the top 5 for more than 16 sectors compared to other North American cities and comparable to only Chicago and Boston each named 11 times in the top five cities.
Population
With 2.6 million residents, Toronto is the 5th largest city in North America. One-quarter of Canada’s population is located within 160 km (100 mi.) of the city and more than 60% of the population of the USA is within a 90-minute flight.
Economy
The City of Toronto’s economy comprises 11% of Canada’s GDP, with Toronto’s GDP topping $127 billion in 2005. Toronto-based businesses export over $70 billion in goods and services to every corner of the globe with retail sales of $47 billion annually.
Capital
Five of Canada’s six largest banks have their headquarters near the country’s busiest stock exchange. Centred in North America’s 3rd largest financial services centre are 75% of Canada’s foreign banks, and 65% of the country’s pension fund companies.
Competitive
On an international scale, Toronto is the wise choice - with a reputation as North America's leading economy and overall business cost savings of 6.5% over large U.S. cities and up to 12.2% when compared to Asian and European centres. (Source: "2006 Competitive Alternatives: A Comparison of Business Costs in North America, Europe and Japan - KPMG).
Workforce
Toronto’s more than 76,000 businesses choose from a large, highly skilled, multilingual workforce of 1.4 million people - one-sixth of the country’s labour force. More than 800,000 workers have university or college training and 58% have earned a post-secondary degree, diploma or certificate. Residents speak more than 100 languages and dialects.
Education
Toronto’s impressive range of post-secondary educational facilities includes three universities and five colleges offering training in virtually every discipline and skill. Toronto leads the country in number of post-secondary schools and graduates with more than 15,000 medical/ biotech researchers, two top-ranked MBA schools as well as excellent programs in engineering, computer sciences and multi-media.
Location
Some 150 million customers and suppliers are within a one-day’s drive from Toronto. Toronto’s Pearson International Airport is within easy reach of the city’s central business district and provides flights to over 300 destinations in 54 countries through 64 carriers.
Connections
Toronto boasts an expansive local network of consultants, professional firms and specialty suppliers. The business services cluster is among North America’s largest and growing. Toronto is home to 9 of Canada’s 10 largest law practices, 9 of the top 10 accounting firms and all 10 top human resources and benefits firms.
Transportation
With four major highways, multi-modal railway facilities, a Great Lakes port and an international airport handling over 30 million passengers and 350,000 tons of cargo annually, Toronto is a true North American gateway.
Transit
Toronto’s public transit system is the second largest in North America and has the highest per capita ridership rate on the continent. More than 2,400 subway vehicles, buses and streetcars make it easy for more than 1.4 million business riders to travel throughout the city daily.
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