Economy of Toronto
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Toronto is a commercial, distribution, financial and industrial centre. It is the banking and stock exchange centre of Canada, and is the country's primary wholesale and distribution point. Its importance as a seaport increased after the opening of the St. Lawrence Seaway, but has since diminished and fallen into disuse (see: Toronto waterfront). Ontario's wealth of raw materials and hydroelectric power have made Toronto a primary centre of industry. The city and its surrounding area produces more than half of Canada's manufactured goods.
Until the 1970s, Toronto was the second largest city in Canada, after Montreal. The economic growth of Toronto was greatly stimulated by the development of the auto industry and of large mineral resources in its hinterland, and by the completion of the St. Lawrence Seaway in 1959 which allowed ships access to the Great Lakes from the Atlantic Ocean. Further growth in the Toronto area is often attributed to the rise of Quebec separatism, though the extent of its influence is still contested by some, who argue that its effect was exaggerated by the English media. During the 1970s, the Quebec Liberal Party and the Parti Québécois enacted a series of French-language laws, which were perceived as unfavourable towards English-language businesses (especially multinational corporations, whose markets extended far beyond Quebec's borders) and English-speaking Montrealers. Some of the former (including the Bank of Montreal) and a number of the latter subsequently relocated to Toronto where French proficiency is not a necessity for business or employment.
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[edit] Finance
As the business and financial capital of the country, Toronto hosts the Toronto Stock Exchange (TSX), the third largest stock exchange in North America by market capitalisation and sixth in the world (see List of stock exchanges for complete rankings). The TSX has led North American exchanges by being the second to trade electronically and the first to become listed publicly[1]; in the last decade, it has also generally outperformed various major stock exchanges worldwide. The Toronto financial industry is based on Bay Street, the city's equivalent to Wall Street in New York. Toronto is North America's third largest financial centre, after New York City and Chicago, with approximately 205,000 staff working in the country's biggest banks and brokerages.[2];
A number of major corporations are based in the city, including the Hudson's Bay Company, Manulife Financial, TD Canada Trust, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Scotiabank, Bank of Montreal, Celestica, Four Seasons Hotels, Rogers Communications, MDS Inc. and many others. Numerous other companies are based in the Greater Toronto Area outside of the city limits, such as Nortel, IBM Canada, Citibank Canada and Magna International.
[edit] Film and Television
- See also: Hollywood North -Toronto
In recent years Toronto has become one of the centres of Canada's film and television industry, due in part to Canada's lower cost of movie and television production. The city's streets and landmarks can be seen in a variety of different films, mimicking the streets of major American cities such as Chicago and New York. The city provides a diversity of settings and neighborhoods for shooting locations, with production facilitated by Toronto's Film and Television Office.
A major new film studio, Filmport started construction in 2006 with a scheduled first phase opening in March 2008, second phase project completion in 2010[3], and will feature North America's largest soundstage at 4,000 square meters[4]. The city is also host to the annual Toronto International Film Festival, one of North America's largest.
Toronto's film industry has extended itself beyond the Toronto CMA area into adjoining cities such as Hamilton and Oshawa.
[edit] Tourism
- See also: Hotels in Toronto
Toronto is home to a sprawling and diverse commercial infrastructure. Its most notable features include the Toronto Eaton Centre, which is the primary tourist attraction in Toronto, with over one million visitors per week; the PATH network, which is the world's second largest underground shopping complex and the eclectic Kensington and St. Lawrence markets[5]. The Bloor-Yorkville neighbourhood is one of Toronto's most elegant shopping and dining areas.
Along Queen St. East can be found Toronto's biggest camera stores. Big-box stores are not generally found in Downtown Toronto, but the suburbs have many large malls, big-box stores as well as specialty stores, such as near Orfus Road (discount fashions, lighting, etc.) close to Yorkdale mall.
The fashion district is located near King & Spadina, close to the old Chinatown to the north and entertainment district to the east. It is here that Sunday shopping in Toronto first got its start in the 1980s.
|St. Lawrence market is a large, historic vendors market with an open air section during the summer months featuring fresh locally grown produce. Kensington Market also has an outdoor vendor section located close to Chinatown.
The city itself has many large and unique malls and shopping centres. Shopping in Toronto has become a large draw for tourists, with for example, the Eaton Centre receiving a special designation as a tourist attraction in the 1980s.
Toronto boasts a wide variety of different high-end cuisines because of its cultural diversity. In recent years, it has become distinguishable for its availability of quality eateries.
[edit] See also
[edit] References
- ^ TSX Group History at a Glance, Steve Kee. Retrieved on 2006-12-03.
- ^ Toronto Transit Strike Looms as Talks Pass Deadline, Joe Schneider. Retrieved on 2008-04-24.
- ^ e-architect: "Toronto Architecture - Key Buildings in North America.". Retrieved on 2008-02-04.
- ^ Torontoist: "Curtain Rising On New Film Megastudio.". Retrieved on 2008-02-04.
- ^ City of Toronto, Attractions, City of Toronto. Retrieved on 2006-12-03.
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