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Economic Overview

  • The Toronto Economic Development Committee reports regularly on key economic drivers affecting the city's growth
  • The reporting documents the city's commitment to the following:
    • Delivering customer service excellence;
    • Creating a transparent and accountable government;
    • Reducing the size and cost of government; and
    • Building a transportation city.
  • From the most recent outlook on 2015 and beyond:
    • Housing starts in Toronto are projected to rise throughout 2015
    • Toronto's overall office vacancy rate has been trending downward for the last two years and stands at 5.5 per cent (2012, q1) on over 179 million ft2 of office space
    • Moody's projects that by 2017, Toronto is expected to surpass London in terms of financial services jobs, expecting to add an additional 100,000 jobs in this sector by 2020
  • According to Emporis, the leading database for building information worldwide, Toronto continues among the leaders of all North American municipalities in the number of high-rise buildings under construction (121), second only to New York in total number of high-rises
  • The City of Toronto continues to rank among the top five most liveable cities in the world (Economist Intelligence Unit, 2014)

GDP

Toronto is Canada's chief economic powerhouse, with 6 million regional inhabitants, 40% of the nation's business headquarters, nearly a fifth of Canada's GDP, and 45% of Ontario's GDP (OECD 2014). See OECD: Territorial Reviews; Toronto, Canada, 2014.

According to the Brookings Institute (2014), between 1990 and 2012, the region's economy grew from $140 billion to $260.6 billion, an increase of $100 billion (in 2002 CAD dollars). During the same period, Ontario's economy grew from $310 billion to $695 billion (Ministry of Finance, 2014). Toronto scored 3rd on real GDP per capita (Scorecard on Prosperity, 2014).

The 2014 Scorecard on Prosperity reported, "Toronto made the biggest gains among the growth indicators…" expecting 1.4% growth average per year until 2035. Toronto's real GDP growth is ranked 2nd – only slightly behind Dallas.

More Toronto Highlights
  • Largest natural resources stock exchange in the world
  • 3rd largest aggregate stock exchange in North America
  • 82 companies with over $1 billion in annual revenues
  • 76,000 total businesses
  • $70 billion in goods and services exported annually
  • Workforce of 3.2 million
  • Well-educated and culturally-diverse population
More Ontario Highlights
  • 59% of Ontarians aged 25-64 have completed post-secondary education, the highest percentage in the OECD/G-7
  • 40% of Canada's jobs are located in Toronto
  • 40% of North America's population lives within a day's drive of central Ontario
  • 25% corporate tax rate on manufacturing, compared with U.S. weighted average of 37.7%
More Canada Highlights
  • #1 country in the G-7, and ranked in the top five in the world in which to do business
  • #1 soundest banking system in the world for seven years in a row
  • One of the most generous R&D tax incentives in the world
  • One of the lowest R&D costs in the G-7
  • Lowest taxes on new business investment in the G-7
  • Lowest debt-to-GDP ratio in the G-7
  • Fastest economic growth in the G-7
  • Tariff-free zone for manufacturers by 2015
  • Highest proportion of post-secondary graduates in the OECD
Labour Force Data, Toronto region, Ontario and Canada 2011.
Summary statistics of short-term labour force trends in the Toronto region (August 2014)
Toronto has a $304 Billion Economy
The stacked time series shows the GDP growth of the City of Toronto, the Toronto region and the Province of Ontario.