In June 2006 the Mayor's Economic Competitiveness Advisory Committee came together in partnership to develop a plan of action for Toronto. The plan presents an achievable vision for growing the city's long-term prosperity and position Toronto as a leading global city of the 21st century.

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Focus on prosperity

The Committee has developed an action plan to:

• forge a culture of partnership
• achieve sustainable economic growth
• enhance liveability and social well-being, environmental stewardship and opportunity through a strong economy and employment growth.

Starting point

The current and ongoing trends of globalization, urbanization, and location matter more than ever in attracting increasingly mobile talent and capital.

Toronto has the potential to become the place that serves a global market. Our social, cultural and economic diversity are richly embedded in our companies, entrepreneurs and labour force. We have the know-how and the connections to succeed in a global economy.

A renewed level of financial and broader investment in our city together with a greater degree of co-operation among industry, labour, educators and orders of government will enhance competitiveness and stimulate sustained economic growth for the benefit of all.

Toronto is a city on the cusp

Toronto is at the core of one of the fastest growing economic regions in North America. It has nurtured a broad range of economic clusters that characterize a global city region, home to specialized financial and business services, high-value design and manufacturing, entertainment and tourism services, and innovative cultural and creative content producers.

Clearly, Toronto's advantages as a location of choice for business have not gone unnoticed in the world marketplace. But that doesn't mean that we can afford to be complacent and rest on our laurels. Even with our advantages, our continued success is not assured.

Much of the success that Toronto enjoys today is the result of investment decisions made 30 to 50 years ago, and even earlier. Much of Toronto's infrastructure is now at, or beyond, the end of its useful life and in urgent need of rehabilitation, replacement and expansion. Gridlock is a daily grind on our productivity and liveability. In addition to the cost and risk of breakdowns, road closures and delays, older infrastructure is inherently more expensive to maintain and even more expensive to repair.

While we deliberate, other regions around the world - regions with lesser attributes - are making significant investments. We must be equally confident and raise our rate of investment to sustain our future success.

A vision for Toronto's place in the world

The 21st century will be the century of cities and their role in shaping a global economy. Within that context, Toronto is ideally poised for success.

Toronto can be:

• A global business city where trade, finance, technology and a multi-lingual population combine to make the global economy efficient and accessible.
• The world's inspiring city that sets the standard for how global cities innovate to solve urban and metropolitan challenges such as climate change, energy conservation and efficiency, human wellness and security.
• A hub of environmental innovation that provides environmental solutions for the world at the same time as it evolves into a centre for environmental technology development and production.
• A beacon of diversity and cohesion, that exemplifies the sustainable advantage of diversity for all to see.

Prosperity pillars

Four pillars and associated success measures provide a framework for the Prosperity Agenda.

Pillar 1: Proactive Toronto: Business Climate

• Improve the business climate within the city to enable, accelerate and attract economic growth.

Pillar 2: Global Toronto: Internationalization

• Diversify our international portfolio by substantially increasing economic activity with cities beyond North America with a focus on emerging markets.

Pillar 3: Creative Toronto: Productivity and Growth

• Anchor and expand strategic industry sectors through increased competition and collaboration

Pillar 4: One Toronto: Economic Opportunity and Inclusion

• Enhance and expand Toronto's labour force and ensure that all residents have equitable access to the benefits of Toronto's enhanced economic competitiveness and growth.

Strategic directions

To strengthen these pillars urgent and aggressive action is needed on eight strategic directions.

Priority actions

Of the 40 proposed actions generated, eight activities have been identified as priority, first-start actions. These activities are categorized City-led; partner-led; and jointly led.

City-led Actions:
Leadership and Organization
Investment in Economic Development
Proactive Policy Development

Partner-led Actions:
Cluster Development and Expansion
Global Outreach and New Market Development
Labour Force Development

Jointly Led Actions:
Advocacy
Marketing

Conclusions

Toronto is an attractive choice to highly mobile talent and investment.

Despite the competitive advantages Toronto offers, our continued success is not guaranteed. We need to do a better job of promoting, integrating and aligning our competitive advantages.

Toronto has choices to make that will define its place in a globalized world.

By taking action now, through renewed private and public sector investment, Toronto will be bold, energetic, connected and collaborative in the 21st century.

Download the full report (PDF 1.3Mb).