Firing on All Cylinders
As we close the books on another year at Toronto Global, we’re building on the unwavering momentum and sustained investor confidence we’re experiencing in the Toronto Region. Even during the turbulence of a global pandemic, companies are choosing the Toronto Region for their next global expansion – here’s how our 2021/22 year stacked up.
Reaching New Heights
New Jobs Created: Last year, we facilitated the creation of almost 2,500 direct new jobs in the Toronto Region, the most ever in the short five-year history of our organization. Importantly, these are high quality, net new jobs that typically pay above averages wages – adding to the prosperity and growth of our region.
New Capital Invested: As part of their expansion, those same global firms who expanded to Toronto invested nearly $640 million dollars into our regional economy – the highest 12-month total facilitated by Toronto Global, ever – 90 per cent higher than in 2020-21. You can see it in the sky – Toronto continues to have the most cranes in the sky of any North American city.
Investment in the 905: Almost 40 per cent of those jobs were created in the 905, in burgeoning clusters outside of the City of Toronto. Companies like Astera Labs, Autocrypt, and Outcast Foods located in strategic clusters across the GTA. It’s this alignment between local innovation ecosystems and talent pools with global firms seeking to expand their own innovative capacity that highlights the impact of our work.
The Changing Needs of Business
One of the post-pandemic realties is that workers and firms have more flexibility in how and where they want to work. While some need large physical footprints, others are choosing to work virtually. We’ve secured a number of remote-working operations in the Toronto Region – operations where the company has incorporated, established operations, and has hired a defined team who work in the Toronto Region. While this represents less than 5 per cent of the new jobs created, it serves as a valuable opportunity to study the economic impact associated with this type of work.
Businesses are also facing headwinds from supply chain disruptions and talent shortages globally, and we’re working to solve both with teams and programming dedicated to solving these challenges.
Looking Forward Firing on All Cylinders
At Toronto Global, we’re working with the world’s most innovative, impactful, and fast-growing companies – virtually and in-person. Like the businesses we work with, we’re firing on all cylinders – and have the numbers to back it up. A huge congratulations to the Toronto Global team, our partners, and stakeholders on a successful 2021/22!
The Numbers in Detail
2021/22 Results
Total investments: 39
Total jobs (created over three years): 2,469
Total capital expenditure (over three years): $638,512,750.75
Results To-Date
Total investments: 170
Total jobs (created over three years): 9,695
Total capital expenditure (over three years): $1.9 billion
Tax Impact: $468 million