The Economy of Toronto has developed steadily over the entire history of Toronto. Starting off as a harbour city with ample rail access, Toronto became home to many settlers. Originally developing as a supplier of goods Toronto became a manufacturing force of Canada.
Ample access to this city continues to support the economic superiority Toronto enjoys with Pearson as the country’s busiest airport. This is an advantage as travel to and from Toronto as a major centre only enhances it as a major economic centre.
Political stability in Toronto and local business development enterprises support growth and development of the local economy. The fact that over 80,000 businesses exist in the city to include over 1/3 of Canada’s top 500 industrial firms and over 8,000 industrial plants. Toronto is the location where most of the manufacturing in Canada takes place.
The economy of Toronto is further supported by the fact that it has become the major centre for Canadian banking and finance. Much of Toronto’s continued economic growth and development was fuelled by increased immigration into the city due to the ease of access.
The growth of Quebec’s separatists became a catalyst for the banks to move headquarters to Toronto and thus Toronto finding itself with 50 % of the country’s chartered bank headquarters sharing the downtown core.
This brought about confidence for over 49 foreign banks locating offices in the City of Toronto. With so much diversity in banking and confidence in the city’s ability to support their needs, it is no wonder Toronto is such a strong economic centre.
Toronto has also become the centre for major media and communications for Canada and many major corporations have their head offices based in Toronto rivalling only New York in the United States.
The Corporations based in the City of Toronto include the following:
- Hudson’s Bay Company
- Manulife Financial
- TD Canada Trust
- Canadian Imperial Bank of Commerce
- Royal Bank of Canada
- Bank of Montreal
- Four Seasons Hotels
- Rogers Communications
- MDS Inc.
- BMG Music Canada (media – music) – Canadian operations
- Brookfield Asset Management (property management) – Global HQ
- Fairmont Hotels and Resorts (hotelier) – Global HQ
- McClelland & Stewart (media-publisher) – Global HQ
- Manulife Financial (insurance and financial services) – Global HQ
- Nortel (telecom) – Global HQ
- Nelvana (entertainment – movies) – Global HQ
- Oxford Properties (property management) – Global HQ
- Porter Airlines (regional airline)
- Rogers Communications (media – radio, television, cellular)
- Onex Corporation (private equity and investment firm) – Global HQ
- Sirius Canada (satellite radio) – Canadian operations
- Toyota Motor Manufacturing Canada (automaker) – Canadian operations
- XM Radio Canada (satellite radio) – Canadian operations
The third largest stock exchange in North America is housed in Toronto as the Toronto Stock Exchange or TSX. The TSX is also ranked as eighth in the world as of September 2009. Bay Street is the heart of Toronto’s financial district employing over 200,000 people in the financial trade industry.
Over 1/3 of the entire population of Canada reside in a 100 mile radius of Toronto and the GTA. With over 75,000 businesses to choose from, and a workforce of 1.4 million leading the country in the number of post secondary school graduates, Toronto also hosts three Universities and five colleges.
Working, living and investing in Toronto promotes growth in what is most certainly an economic giant in North America. The diversity in population, areas of education and opportunity can only lend itself to success and continued economic strength.
Toronto’s economy is also supported by the growth and interest in this city by tourists from all over the world. It is this area of Toronto’s income that allows Toronto to continue to flourish in tougher economic times around the world or through medical and border issues. Toronto is a city that holds its own, and similar to any other destination can only be supported as it welcomes tourism in any form.
The economy of Toronto is supported in so many diverse areas and by various political and government support systems that doing business in Toronto is not only an opportunity, but a treat.