Toronto is the 16th most economically powerful city in the world according to a new report released by
The Atlantic magazine. The report—which ranks 25 cities worldwide—assesses cities based on their economic, financial and innovative power.
"Cities and their surrounding metro regions are the real economic engines of our time. Bringing together talented, ambitious people and the assets they need to succeed, cities propel the innovation and enterprise that spur long-term prosperity. Economists increasingly argue that clustering, concentration and density stand alongside land, labour and capital as key features that shape economic growth."
"American cities account for nearly 90 percent of total U.S. economic output, and 85 percent of U.S. jobs. As Harvard's Michael Porter recently told the Clinton Global Initiative: 'There is no one U.S. economy but a collection of local economies.' Across the globe, metros with populations over one million account for more than half of the world's economic output and nine of every ten innovations, while housing roughly one out of every five people."
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The Atlantic