Economy
The economy of this region is very diverse. The Toronto Stock Exchange is the third largest in North America by market capitalization (after the New York Stock Exchange and NASDAQ), and seventh largest in the world.
Niagara Falls has one of the world's largest per-capita tourist economies, benefiting from millions of tourists coming to see its majestic waterfalls and shop in its numerous stores. The wine making and fruit growing industries of the Niagara Peninsula produce award-winning wines which are beginning to attract attention around the world, in particular the ice wine for which the region is known.
Cities such as Hamilton, Oshawa, Oakville, Whitby and Kitchener all contain major large-scale industrial production facilities, Hamilton being steel-dominated and Oshawa being much more car-oriented. Other significant automotive-production facilities also exist in Brampton, St. Catharines, Cambridge and Alliston. Hamilton and Toronto also have two of the largest seaports in Lake Ontario. The Welland Canal system handles tanker ship and recreational traffic through the Great Lakes. Large rail and truck distribution facilities are located in Toronto, Vaughan and Brampton. As of 2008, however, the manufacturing sector of this region has begun to experience a significant decline in as a result of unfavourable currency exchange rates, high energy costs, and reduced demand from the USA.
Read more about this topic: Golden Horseshoe
Famous quotes containing the word economy:
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“War. Fighting. Men ... every man in the whole realm is in the army.... Every man in uniform ... An economy entirely geared to war ... but there is not much war ... hardly any fighting ... yet every man a soldier from birth till death ... Men ... all men for fighting ... but no war, no wars to fight ... what is it, what does it mean?””
—Doris Lessing (b. 1919)
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)