Toronto Region: One of the world's most successful economies
A solid research base is crucial for research-active industries, but so is a solid business environment. Research and development (R&D) spending from all sources in Ontario has gone up in recent years.
The Toronto Region is ranked as one of the world's most successful economies. The region generates more than 20 per cent of Canada's GDP and is home to over 40 per cent of the country's head offices. Some comparable regions have larger R&D clusters in specific areas, but the Toronto Region has the combined power of clusters in several strategic fields.
The region boasts North America's:
- Second largest automotive industry cluster (advanced manufacturing/ materials)
- Second largest financial industry cluster
- A major information technology and telecom equipment cluster
- One of the largest biomedical and biotechnology clusters
These clusters are home to some of the globe's leading innovative companies. Doing business in the Toronto Region means easy access to major markets, with 135 million people just a one-hour flight away. The transportation infrastructure is sophisticated and efficient, including North America's fourth largest airport and second most travelled super-highway.
"Ontario is very stable and relatively low cost. There is good availability of technology, a well-educated and motivated workforce, strong technical expertise including engineering skills, and a well-established infrastructure."
-- Steven Rodgers, VP, Magna
Supportive government
The governments of Canada and Ontario have demonstrated a growing commitment to fostering innovation and research-based industry in recent years. The tax credits and incentives available to R&D-intensive companies in the Toronto Region are world-leading, while research funding has been on the rise.
Support for R&D has also expanded at the provincial level, demonstrated by the creation of the new Ministry of Research and Innovation led by the Premier of Ontario. The province has committed $730 million through 2007-2008 to the Ontario Research Fund, a program aimed at keeping Ontario's researchers at the leading-edge in strategic economic sectors. Ontario post-secondary institutions are also on a strong trajectory, with $6.2 billion in new investment through 2009-2010.
© 2010 Toronto Region Research Alliance