Economy of Toronto

Ontario's wealth of raw materials and hydroelectric power have made Toronto a primary centre of industry.

The economy of Toronto has had a GDP growth rate of 2.4 percent annually since 2009, outpacing the national average.

[3] Toronto is located on a crossroads dating back to aboriginal times with excellent harbours with many rivers.

Toronto saw a large boom after World War II when immigrants, especially from war-decimated Europe, chose the area to settle.

Shipping by water was instrumental in Toronto's early growth, but this has diminished to the point where the harbour is lightly used by industry.

Further growth in the Toronto area is often attributed to the rise of Quebec separatism, though the extent of its influence is still contested by some, who argue that its effect was exaggerated by the English media.

Some of the former (including the Bank of Montreal) and a number of the latter subsequently relocated to Toronto, where French proficiency is not a necessity for business or employment.

Toronto has also become the site of many headquarters of companies, which have their primary activities elsewhere, such as mining and real estate, which need to stay close to the centre of finance.

[5] The financial service sector, including banks and insurance companies, account for about 20% of Toronto's economy.

[6] Toronto was the first North American exchange to employ decimal pricing, and one of the first in the world to use a fully computerized system.

[1] Toronto's economy has seen a steady boom in growth thanks to a large number of corporations relocating their Canadian headquarters into the city, and Canada's growing cultural significance.

While the surrounding region has seen the arrival of new production spaces such as CBS Stages Canada and Markham Movieland.

Toronto is a large hub of the Canadian and global technology industry, generating $52 billion in revenues annually.

[18] The region has also emerged as the Canada's largest biotechnology cluster, with over 50% of the country's life sciences companies based in the area.

Toronto's biotech industry is centered around the Discovery District, a 2.5 km2 area of the downtown core hosting a number of large hospitals, leading research institutions, and the MaRS buildings.

[19] Other commercial areas that receives many tourists include the PATH network, which is the world's largest[20] underground shopping complex and the eclectic Kensington and St. Lawrence Market.

As well, the CN Tower, Casa Loma, Toronto's theater and musicals as well as Yonge-Dundas Square, Ripley's Aquarium of Canada are magnets for tourists.

The city also boasts a number of major sporting facilities such as Scotiabank Arena, Rogers Centre and BMO Field.