As the largest city in Canada, Toronto is a global business center with international markets, post-secondary institutions as well as world-class talent. Its gross domestic product (GDP) of US$286 billion represents almost half of Ontario’s GDP–about 20 percent of Canada’s economic output–and is expected to grow at a rate of 4.2 percent to US$571 billion over the next few years. According to the U.S. Bureau of Economic Analysis, the economy of Toronto isn’t only strong, but growing. Between the year 1990 and 2009, its economy grew at a yearly rate of 2.7 percent, faster than that of the U.S.
Toronto’s economic output is the result of a diverse economy, where no one sector or industry dominates. The three largest industries include (by percentage of GDP) real estate (14%), financial services (14%) and wholesale and retail trade (12%)
Located two hours from the United States border, Toronto is a major transportation hub including two airports that handle 400,000 flights annually and almost 33 million guests. One of the factors that drive foreign investors and companies to invest in this city is its highly educated and diverse workforce. In fact, 65 percent of the workforce holds post-secondary credentials, and 50 percent of the population is foreign born.
The financial services sector of Toronto is a key driver of national, provincial and local economies. It is the third largest financial service sector in North America, providing businesses or companies a full range of financial services. In fact, it is internationally renowned for its stability and soundness. It sustains many other local industries and is the top consumer of information technology, accounting, education, legal, training and business services.
Toronto businesses export more than $70 billion in services and goods annually across the globe. The city’s professional and business services cluster is one of the largest in North America and keeps on growing with its highly diversified economy. The cluster includes accounting and law firms, marketing and advertising agencies, customer care centers, management, design and technical consultancies and human resource services. These help build the vital business infrastructure that attracts global professional firms and corporate headquarters. Thanks to low operating costs, established international connections, and a highly educated workforce, Toronto businesses have access to an excellent support network that is essential to success.