Toronto’s bright Future

If you were to ask someone what the first thing that came to mind at the mention of the word Toronto, the answers would be varied. Some would say that it’s Canada’s largest city; others might recall the recent successes or failures of the city’s sports teams. But the results of a recent study associate Toronto with something entirely different.

Dell’s Future-Ready Economics model recognized 50 cities around the world for their contributions to growth, change and innovation. The final list, on which Toronto was the sole Canadian entry, ranked the 50 cities by their dedication to human capital, infrastructure and commercial opportunities. The study ranked Toronto 11th overall as a Future-Ready City.

“We live in a digital age in which the power of innovation to transform our world is all around us,” Dell Canada president Kevin Peesker said in a release. “Our cities are faced with new challenges every day, from supporting a growing population and building a thriving culture, to fueling economic opportunity for everyone. By understanding Future-Ready Economies and their attributes, cities, businesses and people can create policies and strategies that will enable them to prosper and achieve strong economic health.”

A closer look at the ranking

Although Toronto ranked 11th overall, that position was determined by its performance in each of the three sectors. Under infrastructure, Toronto ranked 17th, but placed sixth in terms of its contributions to transportation. This result was influenced by the city’s plan to allocate $10 billion to infrastructure repair projects, a projected 80 per cent reduction of greenhouse gas emissions by 2050, and its win of the 2016 Sustainable Communities award for its work to make new residential developments more energy-efficient.

Toronto finished 19th for human capital, but fared better in several subsections of that category. It was third overall for civic engagement, an indicator of a high level of resident involvement via various platforms. These included the IdeaSpace think tank and weekly meetings held by Civic Tech Toronto to discuss civic challenges.

As a place for culture and lifestyle, Toronto placed 14th, but was ranked first as a multicultural centre. Annual events like the Toronto International Film Festival have placed Toronto on the map, and roughly half of its population originates from countries outside of Canada. The city was also ranked 13th for learning, with the University of Toronto contributing $15.7 billion annually to the local economy, resulting in the creation of 59 new companies over the past three years. 

In terms of commerce, Toronto found itself at the middle of the pack, placing 25th. It accounts for 20 per cent of Canada’s gross domestic product alone, and will see a projected job growth of 1.7 per cent in 2016. The city also serves as the home base for Canada’s Big Five banks, and is the world’s most tax-competitive city, earning it a rank of 26th overall as a city that promotes innovation and investment into finance.