Toronto’s tech sector has rapidly become the fastest growing of any city in North America, according to a new report from the Bank of Montreal (BOM) Capital Markets.
The technology industry in the Greater Toronto Area (GTA) has grown more than 50% in the past five years and shows no signs of stopping, having already outpaced United States tech capitals San Francisco, Seattle, and Washington, DC, in 2018. GTA’s burgeoning tech sector employs over 240,000 people and will help drive the province’s economy to grow at 2% in 2019.
Along with its reputation for culture, education, and diversity—fueled by relatively open Canadian immigration policies—Toronto touts its critical mass of talent for attracting international tech giants such as Google, Apple, and Amazon. And although Toronto missed out on Amazon HQ2, BMO believes Amazon’s consideration helped put the city on the map while preserving the flourishing entrepreneurial spirit of Toronto.