Toronto now has the second-largest financial centre in North America and the seventh-largest globally in employment.
According to the Conference Board of Canada — a think tank analyzing economic trends — the city’s financial services sector continues to grow and significantly impacts the local economy, as well as the country’s international footprint.
“Over the last 10 years, employment in Toronto’s financial services sector grew at the fifth-highest rate in the world,” Michael Burt, Executive Director, The Conference Board of Canada said. “The city had the fastest-growing financial sector in North America over that period.”
Toronto follows New York with the second largest financial centre in North America and eighth in the world.
But Toronto comes in first place in the continent with the highest concentration of financial services employment at 8.3 % — only Luxembourg and Singapore have higher concentrations in the rest of the globe.
Both employment and GDP growth in the financial services sector have outpaced the averages of all sectors in Toronto, Ontario, and Canada. It is also the largest private sector contributor to Toronto’s GDP, the second-largest in Ontario, and the third-largest in Canada.
According to the Conference Board of Canada, the financial sector has one of the highest shares of female executives in Canada.
“The data continues to show that the financial sector is a significant driver of employment and growth for the Canadian economy. The sector’s investment in the domestic economy and its expanding international footprint are critical pillars to the country’s economy,” Jennifer Reynolds, President and CEO, Toronto Finance International said.
The report states that in 2018, the city’s financial services sector generated a total of “$19.4 billion in fiscal revenues” for the city of Toronto, the governments of Canada, Ontario, and other provinces.