Toronto is one of the most multicultural urban areas in the world. Each year tens of thousands of newcomers from around the globe choose Toronto as their new home. Their diverse cultures and communities have helped create Toronto’s identity as a vibrant global city. Toronto is Canada’s business and financial capital, a growing financial hub in North America, and a top ten global financial centre. Toronto’s Gross Domestic Product (GDP) growth is significantly outpacing the national average. The Toronto region’s GDP has grown by an average of 2.4 percent annually since 2009 compared to a national rate of 1.8 percent. In 2017, the Toronto region’s GDP grew by approximately 3.3 percent (Source: Conference Board of Canada, Moody’s, Oxford Analytics, Statistics Canada, 2017).
Toronto is competitive in almost every other major business sector from technology and life sciences to green energy; from fashion and design to food and beverage; from film and television production to music and digital media. Toronto’s rich industrial diversity drives growth, innovation and cross-sectoral synergies and knowledge spillovers have spawned new leading-edge hybrid sectors including med-tech, green-tech and food-tech.