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:
“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)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)