April 2, 2011
As it does annually, the Toronto Board of Trade has ranked Toronto against 23 other large (and mostly Western) metropolitan areas in economic power and labour attractiveness, and has placed Toronto at number eight, four spots behind Canada’s top town, Calgary.
So what, in the eyes of the Board of Trade (BOT) is Toronto, exactly? Well, “an an urban region marked by mediocre economic performance but with strong fundamentals in labour attractiveness tarnished by crippling congestion.”
Overall, Toronto slipped four places from last year’s rankings, due largely, according to the BOT, to persistent economic weaknesses (specifically, lack of productivity) and surges in labour attractiveness by London and Paris.
Speaking of labour attractiveness, that field is Calgary’s strength, according to this study. “Calgary,” the BOT argues, “has a few important advantages over Toronto: it is the fastest growing metro region among the 24 with a population growth rate close to double that of Toronto; it has a young labour force (ranked third); it is more affordable; and finally, it has a more equitable income distribution than Toronto.”
How the regions stack up, in graphic form (click to enlarge):