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.
The Biggest Toronto Industries in 2022
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.
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.
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.
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.
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 Nigara 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.
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.
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 Pifzer 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.
Interested in learning more about managed services for the top industries in Toronto? Check out these blogs:
Get Dependable Managed Services Designed for All Toronto Industries
As a leading managed services provider, Fusion Computing offers trustworthy IT services to all of the Toronto top industries, including:
- Technology start-ups in need of a consultant
- Small real estate firms looking to save IT costs
- Financial institutions in need of robust cybersecurity
- Tourist attractions that need a fast, efficient way to track ticket sales
- Medical research facilities that must protect sensitive health information
- A manufacturing company that requires specialized managed IT services
- Film companies who want to ensure that technical difficulties don’t impede production
Contact Fusion Computing today for professional, forward-thinking managed services specially designed to serve Toronto’s thriving business community.
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