A new report ranks Toronto as the sixth most globally competitive city among 23 Canadian and international cities.
The report, titled Toronto as a Global City: Scorecard on Prosperity and issued by the Toronto Region Board of Trade and the Certified Management Accountants of Ontario, explores "human capital" and how it effects productivity and economic success. It is the fifth time a Scorecard on Prosperity has been issued.
Toronto placed sixth overall, with Paris, Calgary, London, Oslo and Madrid above it. Other cities included San Francisco, Seattle, Sydney, Tokyo, Boston, Stockholm, Dallas, Vancouver, New York, Barcelona, Montreal, Halifax, Hong Kong, Milan, Berlin, Chicago, Los Angeles, and Shanghai, which placed last.
The report measured Gross Domestic Product (GPD) per capita and GDP growth, productivity and productivity growth, income per capita and income growth, employment growth and unemployment rates. It identifies strengths and weaknesses with city cores.
"In our comparison of human capital, Toronto ranks fourth out of 12 North American competitors. Through our analysis of 13 related indicators, we conclude that human capital cannot be viewed as the main cause of Toronto’s relatively low productivity performance. Nevertheless, the excellent overall score hides some troubling underlying weaknesses that leave no room for complacency," the report says.
"The Toronto Region needs to attract more skilled immigrants, more university and college graduates, and it needs to make better use of the employment potential of its female population. Considering the continuing economic uncertainty, business, educators, and all levels of government have a role to play in addressing this and other underlying economic challenges."
Toronto measured fifth overall last year, but this is the first time it has ranked above all American cities. Much can be attributed to the city's labour attractiveness, which continues to be the driving force behind Toronto's high ranking.
Read the full report here
Original Source: Toronto Board of Trade