In 2013, City Council endorsed Collaborating for Competitiveness: A Strategic Plan to Accelerate Economic Growth and Job Creation in Toronto. This economic growth plan sets targets to create a more attractive business and investment climate in Toronto and commits to harmonizing the policies and activities of the City of Toronto and its agencies.
Learn more about the actions taken to implement the recommendations of the economic growth plan.
Incubators and accelerators are recognized world wide for their key role in the start-up ecosystem. They advance business formation, create and retain jobs, commercialize technologies, and accelerate the delivery of new products and services to the marketplace. The City is committed to supporting start-up and early stage companies by increasing the number, scale, and effectiveness of both incubator facilities and incubation programs and services through the City’s Business Incubation & Commercialization program.
See report on Building Toronto’s Incubation Network.
The Toronto region is home to approximately 80% of the Ontario aerospace cluster which is comprised of 350 companies providing over 20,000 jobs, and generating some $6 billion in annual sales. There is federal, provincial and local consensus on the need for innovation, increased Research and Development, enhanced collaboration, and skills development. One suggestion is to develop the Downsview area as a potential hub for an aerospace innovation campus cluster.
See report on Aerospace Campus Cluster.
Collaboration with economic stakeholders from across the municipality is essential in ensuring Toronto continues to have an environment that fosters economic growth. An Economic Growth and Job Creation Advisory Committee made up of representatives from across the City’s economic landscape including business, academia, labour, the United Way and City Council will provide advice on issues impacting economic growth and job creation within the City and Region.
Maintaining and growing critical mass, nurturing start-ups and early-stage growth firms, encouraging cross-sector collaboration and generating global buzz are crucial initiatives for Toronto’s Tech sector and critical to sustaining economic growth in the city.
See report on Strengthening High Value Sectors – Technology.
The competition to attract and retain the best and brightest minds in the tech sector is fierce. Toronto companies are competing not only with each other and with firms in other sectors, but also with other jurisdictions south of the border and around the world. This report proposes the development of a Technology Sector Employment Plan with specific recruitment strategies as a means of addressing the workforce needs of the technology sector.
See report on Tech Sector Recruitment Strategy.
An adequate supply of available and affordable office space for start-ups and early stage firms needs to be in place to support and capitalize on the rapid global growth of the tech sector. This report outlines the current and emerging space options available in Toronto for tech start-ups.
See report on Tech Sector, Space and Expansion.
Manufacturing in Toronto represents a diverse range of activities, cuts across all industry sectors and is essential to a strong and balanced economy. As an export-based sector with high economic multipliers and strong linkages to other firms, manufacturing is essential to ensure sustained economic growth in Toronto. This report details recommendations on how to support and grow this vital sector.
See report on State of Manufacturing in Toronto.
Toronto is home to many talented individuals and firms in the various sub-sectors within the music industry, however, it lacks the connective tissue necessary to make the separate parts into a whole and realize its full potential. This report recommends the establishment of a Toronto Music Industry Advisory Council and an Austin – Toronto Music City Alliance Advisory Committee.
See report on Toronto Music Sector.
Toronto companies dominate the provincial food industry with more than half of all food processing in Ontario taking place within the Toronto region. This report provides more information about Toronto’s food and beverage sector and outlines the work the City of Toronto has participated as a member of the Golden Horseshoe Food and Farming Alliance.
See report on Initiatives to Strengthen Food & Beverage Sector.
Vacant commercial/ industrial buildings are under-utilized assets that have the potential to foster job creation and economic growth. This report discusses creative approaches to re-purposing these spaces to encourage productive employment that would benefit the property owner, local business area, and community.