Executive summary

Toronto’s competitiveness is important for the whole of Canada. With more than 5 million inhabitants, Toronto is Canada’s largest urban centre, and one of its chief economic powerhouses. The Toronto region is widely estimated to generate almost a fifth of Canada’s GDP and 45% of Ontario’s GDP, and is home to 40% of the nation’s business headquarters. The Toronto region is also Canada’s main immigration node, with an intake of around 40% of all the immigrants to Canada during 2001-2006. The region hosts a number of clusters with national and world-wide relevance, including in finance, automobile production and life sciences, as well as other prosperous and dynamic sectors in entertainment and communication technologies. As such, the Toronto region creates economic spillovers that benefit other parts of the Province and the country through interprovincial trade, labour market mobility and business links.