Many city rankings place Toronto in the top 10 in the world for good reason. Toronto is a very desirable location for people to live and work, as seen by the city’s population and employment numbers hitting record levels in 2012 and 2013.
With an estimated total population of 2.8 million, Toronto has edged out Chicago to become the fourth largest municipality in North America after Mexico City, New York and Los Angeles. Toronto’s annual population growth rate has increased steadily for the last 10 years, with the city now growing at an annual rate of about 38,000 people.
The city’s unemployment rate has fallen considerably (nearly 3 per cent from August 2012 to August 2013), reaching its lowest level in more than five years. The last time Toronto’s unemployment level was this low was in April 2008. This is also the first time in 12 years that Toronto’s unemployment rate was at the same level as the national average (7.1 per cent).
In 2012, employment numbers continued to grow, with Toronto achieving its highest total employment in business establishments since 1990. According to the City’s annual Toronto Employment Survey 2012, 1,331,600 people were employed in full-time and part-time positions in the city. This marks the third year in a row that Toronto has experienced positive job growth.
The screen-based industry (film, television, commercials, animation) in Toronto had a record year in 2012 with direct production expenditures reaching $1.2 billion, matching the highest level ever achieved in the city. Major productions topped $1 billion for the first time, while domestic production reached $500 million for the first time. Toronto also hosted its largest-ever film production, Pacific Rim in 2012.
This year, City Council endorsed a new economic growth plan called Collaborating for Competitiveness - A Strategic Plan to Accelerate Economic Growth and Job Creation in Toronto.