Toronto is a city with a population of over 2.48 million people and 5 million people in the Greater Toronto Area (GTA). According to the latest 2007 survey from the Toronto City Planning Division, Toronto has seen positive employment growth for the past four years in a row. Significant growth in employment occurs in IT services, law and the food industry, while manufacturing faces a decline in jobs.
Another way to look at the growth of this sector is to note that the office and services sectors have experienced significant growth over the past decade, making Toronto a very desirable place for business. Meanwhile, like the trend observed in the rest of North America and even in the industrialized world, manufacturing jobs have fallen by 11.5% in Toronto over the past ten years. One of the main advantages of reducing manufacturing jobs is high rents, lack of available space and, of course, intense global competition.
Startups and Technology, Bright Spots
Toronto is a popular place for startups. Over 38% of Toronto companies have been in their current location for less than 5 years. Toronto is a major Canadian technical hub and attracts a large portion of startups and capital. According to a survey by Deloitte Canada, there are 6 of the 10 fastest growing Canadian technology companies in 2007 in Toronto (with two other companies nearby, in Markham and Waterloo). Thus, Toronto’s position as a hub for the growth of advanced technology jobs is indisputable.
Major employment sectors in Toronto
Downtown Toronto, with its tall buildings and offices, accounts for 1/3 of the total employment in the survey. Jobs in the downtown area increased by 4.6% last year. North York Center experienced much faster growth of 12.6% during the same period. This growth is mainly related to the office sector. Yonge-Eglinton remained relatively stable in her employment statistics, while the Scarborough Center had to deal with a drop in hiring due to the merger of a large telecom company.
In short, Toronto is a thriving city that is expanding jobs in the high-tech, service and office sectors, while cutting manufacturing jobs. With the continuous influx of immigrants from other parts of Canada and foreign countries, Toronto can regularly rebuild its employee base.