The region of Southern Ontario is experiencing a tremendous economic shift that has resulted in the hyper-concentration of knowledge-economy occupations within and beyond downtown Toronto. Some of the knowledge-jobs that experienced a surge in employment growth include the soft-tech, finance, and the highly organized business service industries, a recent survey revealed.
According to the report by the Neptis Foundation, a dedicated, bigwig urban planning company said that the shift of knowledge-based firms and other critical business activities to Southern Ontario resulted in rapid job growth, especially in downtown Toronto within the decade that ended in 2016.
The restructuring process of the Greater Golden Horseshoe (GGH)economic setting began in 2006. Up to the period ending 2016, GGH lost 130, 000 job opportunities in the manufacturing, hard-tech, and wholesaling industries. In the same period, more than 47,000 job vacancies were added to the finance sector. High Order Business Services (HOBS) experienced an employment boost of 25,000; soft-tech companies had a spike of 19,000, while the Arts and Design space experienced an additional 10, 000 new job opportunities. In total, Downtown Toronto has experienced positive economic growth, having added more than 67, 000 new opportunities in the “core” jobs category and another 85, 600 employment vacancies in other sectors in 2006-2016.