É«ºüÈë¿Ú

The area of Southern Ontario that includes Toronto is experiencing a dramatic economic shift that has produced a "hyper-concentration" of knowledge-economy jobs in and around downtown Toronto, a new study reveals.  

The study by the , a think tank dedicated to urban planning, says the concentration of knowledge-based companies and economic activity in downtown Toronto produced rapid job growth in the decade spanning 2006 to 2016.

During this period, the study said 67,000 new "core" jobs were added in downtown Toronto, which the study defines as jobs in tradable industries that are vital to economic growth.

The study focuses more broadly on employment in an area of known as the Greater Golden Horseshoe (GGH), which is Canada's largest urbanized area and contributes significantly to the economies of both Ontario and Canada.

Ontario's Greater Golden Horseshoe Region

Toronto is the focal point of the GGH, which covers almost 32,000 square kilometres and includes a mix of large cities, suburban municipalities, mid-sized centres, small towns and rural areas.

Employment "archetypes" that saw some of the greatest increase in jobs in the GGH — and downtown Toronto, in particular — between 2006 and 2016 were Finance, Higher Order Business Services (BOTS), Soft Tech, Science-based, Higher Education, Logistics, Aerospace and Telecoms.

Archetype*	2006	2016	% change
Finance	228,150	275,300	20.7
High Order Business Services	98,215	123,345	25.6
Soft Tech	71,960	91,270	26.8
Science-based	52,950	64,980	22.7
Higher Education	59,635	78,100	31.0
Logistics	25,170	32,635	29.7
Aerospace	10,815	13,150	21.6
Telecoms	25,400	32,035	26.1
Pharma	22,960	25,175	9.6
Arts & Design	102,645	112,345	9.8

*The study defines an archetype as a group of industries that share both economic and geographic characteristics.

Job growth in these employment archetypes was contrasted by heavy job losses in Manufacturing, Wholesaling and Hard Tech in regions outside the Toronto core, a trend exemplified by GM's recent decision to close its plant in GHH municipality of Oshawa, Ontario.

GM, however, said it will invest in driverless car innovation at its new Canadian technical centre in Markham, Ontario — also in the GHH — where it plans to hire 700 software engineers and coders by 2020.

© 2018 CICNews All rights Reserved