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.