Toronto Now Third Largest Tech Employer in North America |
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Mayor David Miller today released preliminary data from a study of the
Information and Communications Technology (ICT) sector in the Toronto area that
ranks the city of Toronto third, behind only San Francisco and New York, as the
largest ICT employer in North America.
The "Toronto Region Information and Communications Technologies (ICT) Industry"
study was conducted in partnership with the Greater Toronto Marketing Alliance
(GTMA) and the City of Toronto with support from Ontario's Ministry of Economic
Development and Trade (MEDT) and support from the Government of Canada's
Program for Export Market Development - Investment. The final report will be
released at the end May.
Toronto Mayor David Miller said, "Toronto's diverse economy makes this city a
very attractive place for high tech companies to invest. The ICT sector is
unusually well integrated into the fabric of Toronto's other leading
industries, from biotechnology to manufacturing to financial services. Not only
does this enhance those other business sectors, it ensures that the city's
information and communications companies can weather economic busts and make
the most of booms."
A sample of the study's findings show that 89 per cent of Toronto-area ICT
firms surveyed are highly optimistic that they will grow as fast as or faster
than the rate of the economy over the next year. As well, 65 per cent indicated
they planned to invest in their facilities within the next year.
The study was released at a TechAction Town Hall meeting organized by the
Canadian Advanced Technology Alliance (CATA), which unveiled a parallel survey
of Toronto's strengths and challenges in growing advanced technology. The
TechAction meeting, one of a series of pan-Canadian sessions, uses the
expertise of Toronto's business executives to "blueprint" the city's growth
path; the results will be joined to Canada's other top cities to create
"Canada's Advanced Technology Business Plan".
The cost structure recently identified in KPMG's "Competitive Alternatives"
study shows Toronto as having lower overall business costs compared to 18 large
U.S. cities. Toronto is also the most cost-effective city across all industry
sectors, according to the KPMG study that compares business costs between 120
Karen Thorne-Stone, Acting Executive Director, Economic Development,