Toronto 2005: Bright Present and Bleak Future?

Tuesday, January 03, 2006

According to the Toronto Star, Toronto is poised to lead Canada in economic growth in 2006. The Conference Board of Canada, after a relatively modest performance in 2005 (2.7 per cent), real Gross Domestic Product (GDP) in the Toronto Census Metropolitan Area (CMA) is forecast to expand by a robust 3.7 per cent in 2006, its fastest growth rate in four years. Manufacturing activity is expected to pick up, as the sector completes its adjustment to the stronger dollar. Between 2007 and 2010, economic growth in Toronto is expected to surpass, on average, that of all other Canadian cities.

How long Toronto will be the Canadian urban leader. According to the Star and Toronto Region Research Alliance, the Toronto region currently accounts for 20 per cent of Canada's GDP and 35 per cent of research and development, yet it receives the lowest funding pre capita of any Canadian urban centre - paltry $69.

Vancouver, Montreal and Calgary get more money per capita from the federal government for scientific research and development - $95, $77 and $73, respectively.

Would not be this disproportionably low funding one of the major reasons of placing Toronto to bottom of the Canada's Best Cities 2005 annual survey by the Canadian Business magazine.

The city the rest of Canada loves to hate is down. Its infrastructure is crumbling, employment is stagnant and business is moving out to cheaper neighboring places such as Mississauga, Brampton and Markham. All of which puts Toronto dead last (40th) in the fourth annual ranking of Canada's best places to do business.

Even though the Globe and Mail called the survey "upside down" and "ridiculous", there is no smoke without fire. We do not need the stats or surveys to realize that Toronto is no longer the city it used to be.

So, is Toronto a city of bright present and bleak future? Only time will show.

printer friendly

Email this to a friend