Last updated: March 2026
The City of Toronto is Canada’s largest business hub. Internationally recognized companies, media outlets, and financial institutions are all key Toronto industries. Although Toronto’s economy is diverse, there are some industries that find the city particularly appealing.
In this article, we’ll take a closer look at some of the biggest industries in Toronto and why the city is an excellent place to conduct business in these industries.
Toronto GDP and Economic Overview
The Toronto census metropolitan area generates over $400 billion in GDP annually, making it the largest economic engine in Canada. The GDP of Toronto accounts for roughly 20% of Canada’s total economic output. The Toronto region is home to the Toronto Stock Exchange, one of the largest financial centres in North America, and a diverse economy spanning finance, technology, healthcare, manufacturing, and professional services.
Understanding which industries drive the Toronto region’s economy helps business leaders make informed decisions about where to invest, who to hire, and what technology infrastructure they need to compete.
The Biggest Toronto Industries
Finance
Toronto has the second largest financial industry in North America and is the biggest financial centre in Canada. Many of Canada’s largest banks, such as the Royal Bank of Canada, Scotiabank, Bank of Montreal, and Canadian Imperial Bank of Commerce (CIBC), are headquartered in Toronto.
This placement is well-earned. Toronto consistently ranks as one of the safest banking systems in the world, making it an attractive location to people who work in financial services.
In 2022, the financial sector will continue its steady growth as one of the Toronto top industries, bringing in international investors, and making major contributions to the Canadian economy.
For financial services firms that need to protect client data and meet regulatory expectations, Fusion Computing provides cybersecurity services built for that environment.
Real Estate
The construction, rental, and housing market is the second biggest industry in Toronto after finance. This is unsurprising considering Toronto has the highest population among Canadian cities.
Toronto is also home to Canada’s largest real estate agencies, which provide lots of opportunities for realtors.
The Toronto housing market is largely supported by the high number of newcomers who settle in the city. In fact, 47% of Toronto’s population was born outside of Canada leading to a high demand for new homes, rental space, and affordable housing options.
In addition, Toronto is home to a large student population which further increases the demand for rental living spaces.
Technology
Another one of the top industries in Toronto is information and communications technology. Toronto’s tech industry has created more jobs than the San Francisco Bay Area, Seattle, and Washington DC combined, making it the fastest growing tech sector in North America.
Toronto is also home to various major digital media and video game producers including Ubisoft, Zynga, and Gameloft.
Part of the reason for Toronto’s rise as a technology centre is the strong start-up scene, which is home to many tech entrepreneurs. Many IT directors also find local managed service providers (MSPs) appealing, as they offer the same world class IT services as international firms, but at more affordable rates.
Fusion Computing is one of those Toronto-based MSPs — providing managed IT support and cybersecurity to technology companies with 10 to 150 employees.
Media and Entertainment
Toronto’s broadcasting, film, and television industry is the largest in Canada, earning the city the nickname “Hollywood North.”
Many international film companies also choose to film in Toronto due to Canada’s lower cost of production. In 2020 alone, film production in the Greater Toronto Area contributed $12.2 billion to Canada’s GDP.
The main reason for this is because of the city’s strong support for the entertainment industry. Toronto offers tax credits and strong networking opportunities for creative professionals at all levels. The Toronto International Film Festival has also become world-renowned for indie screenings and blockbusters alike.
Tourism
It’s no secret that Toronto’s CN Tower, Eaton Centre, and major professional sports teams attract tourists from across Canada and the world. However, Toronto’s tourism industry is bigger than you might think.
In 2018, Toronto earned $6.5 billion from visitor spending and it continues to be the leading tourist destination in Canada.
In terms of local attractions, there’s something in the city that will appeal to anyone. It is also a relatively easy city to navigate making it attractive to tourists who are visiting without a car.
Many iconic Canadian landmarks, like Niagara Falls, are also a short distance away, making Toronto a great place for people who want to see a lot of Canada’s major attractions in a short amount of time.
Manufacturing
The manufacturing sector is booming in Toronto. Motor vehicle parts manufacturing, food products, and petroleum are the three top earning products that Canada manufactures. Manufacturing companies in all of these sectors call Toronto home.
Many international manufacturing firms are attracted to Canada’s highly educated, low-cost workforce. As a result, some companies choose to move their headquarters to Toronto even if they were founded outside of Canada.
Meanwhile, Canadian-born manufacturing firms receive strong support from Toronto’s government making it an attractive city to manufacturers from across the country.
Manufacturers with complex IT environments can learn more about Fusion’s approach to managed IT for manufacturing.
Life Sciences
Toronto’s Discovery District is the densest biological research hub in the world. The 2.5 square kilometer district hosts over 30 different research medical facilities. This hub unites key stakeholders from around the world, which supports an innovative, thriving research industry.
Some of the world’s biggest pharmaceutical companies have sites in Toronto, including Pfizer and AstraZeneca, creators of two of the most popular COVID-19 vaccines.
Toronto’s strong manufacturing industry plays a role in attracting biotech innovators. Many researchers and pharmaceutical companies benefit from being close to major medical device manufacturers.
Need IT Support for Your Industry?
Fusion Computing provides managed IT and cybersecurity services tailored to these Toronto-area industries. Select yours to see how we help:
- Accounting Firms — IT support, cybersecurity, and compliance readiness for accounting practices
- Construction — Multi-site networking, mobile device management, and field-to-office connectivity
- Financial Services — Regulatory-aligned cybersecurity and secure infrastructure for financial firms
- Architecture, Engineering & Design — High-performance workstation support, large file collaboration, and BIM environment management
- Manufacturing — ERP system support, endpoint management, and IT/OT boundary security
- Transport & Logistics — Multi-location IT, fleet system integration, and supply-chain data security
Managed IT and Cybersecurity for Toronto Businesses
Fusion Computing helps businesses with 10 to 150 employees across Toronto’s key industries manage their IT, strengthen their cybersecurity, and plan for growth. Our CEO holds the CISSP — your IT environment is guided by senior cybersecurity leadership, not just a help desk.
Whether your business is in finance, technology, manufacturing, construction, or professional services, Fusion provides:
- Managed IT support with a 93% first-call resolution rate
- Cybersecurity services including MDR, endpoint protection, and email security
- vCIO and vCISO services for strategic IT and security planning
- Microsoft 365 management, backup governance, and disaster recovery
Book your free IT assessment → | Call us: 416-566-2845
Frequently Asked Questions
Q. What are the biggest industries in Toronto?
A. Toronto’s largest industries include financial services, real estate and construction, technology, media and entertainment, tourism, manufacturing, and life sciences. The city is Canada’s largest business hub, home to most of the country’s major banks, a fast-growing tech sector, and one of the world’s densest biomedical research clusters.
Q. Why do businesses choose Toronto?
A. Toronto offers access to a highly educated and diverse workforce, strong infrastructure, proximity to the US border, a thriving startup ecosystem, and government support across multiple sectors. It is also Canada’s largest consumer market and a gateway for international companies entering the North American market.
Q. What industries are growing in Toronto?
A. Technology, financial services, and life sciences are among the fastest-growing sectors. Toronto’s tech industry has grown faster than San Francisco, Seattle, and Washington DC in recent years. The city’s biomedical research district and fintech ecosystem continue to attract international investment.
Q. Does Fusion Computing serve all Toronto industries?
A. Fusion Computing provides managed IT and cybersecurity services to businesses with 10 to 150 employees across all industries. We have dedicated expertise in accounting, construction, financial services, architecture and design, manufacturing, and transport and logistics.
What Toronto’s Economy Means for IT Investment
Toronto’s position as one of the largest financial centres in North America creates real demand for enterprise-grade IT infrastructure. Businesses in the Toronto census metropolitan area face unique technology challenges: regulatory compliance in finance and healthcare, cybersecurity threats targeting high-value targets, and the need to attract tech talent in a competitive market.
Whether your business operates in finance, technology, construction, or professional services, your IT infrastructure needs to match the pace of the Toronto region’s economy. That means reliable managed IT support, strong cybersecurity posture, and a technology partner who understands the industries driving Toronto’s GDP.
Fusion Computing provides managed IT services across the Greater Toronto Area, serving businesses in every major sector of the Toronto economy.
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