Toronto s diverse and competitive export industry clusters bring new wealth to the city and surrounding region which is then circulated among local businesses and their employees through purchases and wages. While export clusters bring new wealth into the region, it is local businesses that create the vast majority of jobs. Local businesses also provide goods and services that are critical to the continued success of the export clusters. Both the export clusters and local businesses rely on common economic foundations human resources, research and development, financial capital, physical infrastructure, a healthy business climate, and a superior quality of life for success. The combination of top quality economic foundations, strong local goods and services providers, and competitive export clusters has created a vital cycle of economic growth in the City of Toronto.
Human resources is one of Toronto s greatest strengths.
In advanced economies, the generation of new ideas and the translation of those ideas into innovative products and services of superior quality are the primary way economic value is added. Toronto s quality of life and rich legacy of investment in education, research, technology and culture are precisely the elements necessary for success in the knowledge economy.