City stats back up KPMG's findings: Mayor|
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Key indicators released today by Mayor Mel Lastman support the findings of a
federally-funded KPMG report on the best cities in the world to do business in.
The report "Competitive Alternatives, A Comparison of Business Costs in North
America, Europe and Japan" found Toronto to be 12.1% more cost effective than
the U.S. cities it was compared to.
"I'm not surprised," said Lastman, who has touted Toronto's merits at home and
abroad for years. "This is the greatest city in the world to do business in and
you don't have to look for proof: It's all around us."
According to an economic development overview of 2001 to be tabled next month:
· Toronto's biotech sector grew by 25% to 30% and the number of jobs in the
City's financial services sector hit 131,000, the highest level in two years.
· Five major international companies opened offices in Toronto, creating 1,163
new jobs in the process.
· Another 56 companies expanded in Toronto last year and 3,000 new businesses
registered through the City's small business offices.
· Only film production and tourism experienced a slight downturn in 2001. Film
spending fell to $1.233 billion and tourism fell 10% in the wake of September
The KPMG report reached the same conclusions as studies conducted in 1997 and
1999. In each, Toronto businesses have had a distinct cost advantage over
businesses in cities like New York, Boston and Philadelphia.