Toronto - Economy

Economy

Toronto is an international centre for business and finance. Generally considered the financial capital of Canada, Toronto has a high concentration of banks and brokerage firms on Bay Street, in the Financial District. The Toronto Stock Exchange is the world's seventh-largest stock exchange by market capitalization. The five largest financial institutions of Canada, collectively known as the Big Five, are headquartered in Toronto.

The city is an important centre for the media, publishing, telecommunication, information technology and film production industries; it is home to Bell Media, Rogers Communications, and Torstar. Other prominent Canadian corporations in the Greater Toronto Area include Magna International, Celestica, Manulife Financial, Sun Life Financial, the Hudson's Bay Company, and major hotel companies and operators, such as Four Seasons Hotels and Fairmont Hotels and Resorts.

Although much of the region's manufacturing activities take place outside the city limits, Toronto continues to be a wholesale and distribution point for the industrial sector. The city's strategic position along the Quebec City – Windsor Corridor and its road and rail connections help support the nearby production of motor vehicles, iron, steel, food, machinery, chemicals and paper. The completion of the Saint Lawrence Seaway in 1959 gave ships access to the Great Lakes from the Atlantic Ocean.

The city's net debt stood at $4.4 billion as of the end of 2010 and has a AA credit rating. Toronto is expected to pay $400 million of the debt in 2011. The city's debt increased by $721 million in 2010. The city’s unemployment rate was 8.1% in November 2011, down from 8.3% year over year. The cost of living in Toronto was ranked highest in Canada in 2011.