Toronto has a significant annual GDP growth rate outpacing the national average, with its economy fuelled by a range of industries from finance and life sciences to green energy and digital media. The City of Toronto is home to 2.9 million, with an addition 3.6 million in regional municipalities, and has a high GDP per capita of USUS$51,693. The city's innovation ecosystem is robust, home to more than 4,000 active tech startups and a vital IT cluster, making it a crucial hub for technology and innovation in North America. Additionally, Toronto is noted for its high quality of life and cultural vibrancy, attracting talent and tourists, cementing its status as a top global city for business and lifestyle.
However, the city faces urban management challenges related to aging transportation systems and urban sprawl, which can hinder overall liveability and attractiveness. Efforts are underway to expand public transit options to better accommodate its growing population and reduce congestion, such as the ongoing extension of the Toronto subway system.
Home to a robust financial services sector and burgeoning tech industry, the city has also scored best in class for Investor Attractiveness. Key initiatives like the MaRS Discovery District nurture innovation further increase its attractiveness to startups and global tech giants. The city has also taken serious action to improve urban resilience to minimize the impact of climate-related or other shocks. In 2013, the city was devastated with a massive flood event leaving over 300,000 Torontonians with power outages and 1,400 passengers stranded for hours on a train filled with water. Since then, the city has dedicated investment towards stormwater management through storage measures and increased permeability of urban spaces.
