Toronto’s Population Overtakes Chicago
What Does It Mean For Employment?
Toronto is now officially the fourth largest city in North America replacing our sister city Chicago, which held the position until recently. We are now just behind Mexico City, New York, and Los Angeles. Yes, it feels good to be part of a growing city.
What does it really mean to be part of the fourth largest city in North America? Let’s consider this in light of the fact that this ranking is based on population growth. It now means two things –
- Population growth will result in greater demand on our infrastructure including roads, power, water supply, and real estate.
- On the brighter side, this also means that more and more people are flocking to our great city from various parts of the world. The latter aspect usually indicates that the economy is growing at a steady pace and thereby attracting more and more diverse talent to the city.
For us at Winters Technical Staffing, the biggest concern is the impact of this growing population on the employment scenario. Will the city’s economy be able to handle the surge in population and ensure gainful employment to all its citizens?
A quick analysis says it will. Growth usually brings more business with it as it signals a vibrant and growing consumer market for various products and services. The number four position corroborates this point and presents us as a force to be reckoned with in the international arena.
This phenomenon is already at play. A report by TD Economics, states that, post 2007, the city has seen a dramatic surge in the number of young professionals making it their home. The economic development committee has also realized the need to focus on creating more jobs. Councillor Michael Thompson, who chairs the committee, recently stated that his team has devised a strategic economic growth plan to accelerate economic growth and job creation in Toronto.
Job opportunities are booming in the Greater Toronto Area (GTA). This is indicated by the drop in unemployment rate to 7.6 per cent at the end of 2012. The city continues to enjoy the status of being Canada’s hottest job market with ample opportunities in the financial, retail, insurance and telecommunication sectors. More and more companies are setting up shop in the downtown area. For instance, since 2009, close to five million square feet of office space has been built.
Toronto is universally acknowledged as Canada’s financial capital. It currently ranks first in North America for on-going construction projects and third for IT business. The abundant availability of hydroelectricity and natural resources for raw materials continues to attract major industries into this area. The increasing demand for transportation and other infrastructure projects will create jobs in the institutional sector. The need to train talent to meet this growing manpower requirement will fuel opportunities in this space.
All in all, it looks like the good times are here to stay for the recruitment industry.