Toronto on the Global Stage: 2018 Report Card on Canada and Toronto’s Financial Services Sector
In December, Toronto Finance International and the Conference Board of Canada released the sixth annual report card on Toronto and Canada’s financial services sector - Toronto on the Global Stage: 2018 Report Card on Canada and Toronto’s Financial Services Sector. Key highlights from the report include:
- Toronto added more than 55,000 new financial services jobs between 2012 and 2017, an increase of more than 25 per cent.
- The concentration of financial services employment in Toronto (8.3 per cent) is higher than world financial capitals London and New York.
- The sector accounted for 13.6 per cent of Toronto’s economy in 2017—second only to the public services sector.
- The sector accounts for nearly half of the country’s outward foreign direct investment. At $537 billion in 2017, this has more than doubled in the last decade.
- Financial services are also Canada’s largest and fastest-growing services export.
- International rankings show Toronto as the second most significant financial centre in North America.