CBRE Rankings

Toronto has the highest concentration of AI-specialty talent in Canada, with 11,700 tech workers with key AI skills. Toronto’s AI talent pool is nearly twice as large as those of other tech markets like Vancouver, Montreal, and Austin. The most sought-after AI tech talent are AI software and hardware developers. As of 2023, there were 101,900 software developers and programmers employed in Toronto.

Over the past five years, Toronto has witnessed the highest job gains among all tech markets in the Americas with a remarkable 44 per cent growth in its tech talent pool, adding 95,900 new jobs in the past five years. This surge has been driven by the increasing demand for AI skill sets across various industries.

Ranking sixth overall in North America, Toronto’s tech ecosystem has seen a massive spike fueled by a collaborative AI network, government funding, and growth of skilled graduates. These factors have created a hotbed for the development of skilled AI workers.

Versatility of AI Talent

Most of Toronto’s AI talent is employed within the tech industry. However, Toronto’s distribution of AI talent across various sectors mirrors the city’s economic diversity and dominance in ranging industries, namely business and finance.

Over 15 per cent of Toronto’s AI talent is concentrated in the finance sector, matching the trends of major financial hubs like New York with 22.2per cent and Chicago with 20.2per cent. Similarly, 22.5 per cent of AI talent work in professional services and 16.2 per cent in non-tech industries.

With a significant number of AI jobs being created in non-tech industries, AI is becoming integral to sectors like banking, law, and insurance. This trend underscores the versatility of AI applications and the growing demand for AI talent in different fields. Toronto’s workforce is well-positioned to respond to AI adoption across all sectors. In addition, Canada leads the world in terms of bringing more women into AI roles, achieving the highest year over year percentage change in female AI talent globally since 2019, including 67per cent in 2022 alone (Deloitte 2023).

According to CBRE’s Scoring Tech Talent report the most impactful indicators for any market’s potential growth of AI-specialty talent are the presence of universities with established AI education programs, major technology companies developing AI and available venture capital funding. The Toronto region checks all the boxes with an ecosystem that supports the future growth of AI talent.

Global companies like Sanofi, Unilever, Samsung, and Recursion have opened AI hubs in Toronto, highlighting the region’s significant AI growth. Toronto has the highest concentration of AI startups in Canada, hosting the headquarters of over 454 AI startups. VC funding in AI companies continues on an upward trajectory. In 2023, AI companies in Ontario raised $1.16 billion the highest number across Canada.

The region’s education and research play a key role in the development of AI talent. The presence of world-class educational institutions, such as the University of Toronto and the Vector Institute, play a crucial role in nurturing this talent.  The University of Toronto ranks ninth globally in AI research. These institutions not only provide rigorous AI education but also foster an environment conducive to innovation and collaboration, making Toronto an attractive destination for tech professionals. 

The Toronto Region continues to build a strong pipeline that supports its high-quality talent pool. Since 2022, over 7,900 students have graduated with degrees in computer engineering, math, statistics, and other tech engineering. For the same year, Toronto had more degree completions than major tech hubs like Seattle and Austin.

In Toronto, the programs with the most graduate growth between 2017 and 2022 were Computer Engineering with a 68 per cent increase in degree completions; and Math & Statistics, with an increase of 92 per cent. These numbers outperform the top three tech markets (New York, Seattle and San Francisco) that have experienced decreases in degree completions in the past 5 years.

Toronto stands out as a prime destination for the world’s most ambitious AI talent. The city’s robust growth, demographic shifts, sector diversity, and commitment to inclusivity create fertile ground for innovation and success in the tech industry.

What is a Creative Economy?

Also known as the orange economy, it is an evolving concept that tries to capture and define the relationship between the economy and culture. This has resulted in many terms such as cultural, creative, leisure, entertainment, or content industries. Economists at the Inter-American Bank argue that despite the numerous and diverse definitions the three key elements of the orange economy are:

1. Creativity, arts, and culture as productive endeavours 
2. Products strongly related to property rights, in particular, copyright
3. Activities with a direct role in the value chain transforming ideas into products

On a global scale, the creative economy is recognized as playing an important role in international trade. According to the United Nations Conference on Trade and Development (UNCTAD), this sector was projected to reach a global valuation of $985 billion in 2023 and could represent 10% of global GDP before 2030. Earlier estimates suggested that if the creative economy was a country, it would be the fourth-largest world economy with the fourth-largest labour force (Source: Interamerican Development Bank).

Economic Impact of Toronto’s Creative Industries

Toronto’s creative industries play a pivotal role in shaping the city’s identity and driving economic growth. Toronto is the first Canadian city to be named a UNESCO Creative City of Media Arts for its “leadership in film, music, digital media and forms of cultural expression using technology.” The city’s recognition keeps growing earning titles such as Moviemaker’s 2024 Best City to Live and Work.

Toronto’s creative industries span a wide spectrum, encompassing film and TV production, design, fashion, creative technology, and music. The city’s cultural diversity catalyzes creativity, with events like the Toronto International Film Festival (TIFF) serving as global platforms for showcasing diverse cinematic voices. Notably, TIFF’s People’s Choice Award has become a barometer for predicting international box-office hits, reflecting Toronto’s influence on the global stage and the power of its diversity. According to national census data, 32% of those employed in the arts and entertainment sector in the Toronto Region identify as a visible minority (Fig 1). The makeup of those identifying as a visible minority reflects the region’s cultural mosaic and rich diversity (Fig 2).

The economic contributions of the creative industries are substantial with sectors like film and TV production contributing a record $3.15 billion into Ontario’s economy creating 45,891 full-time equivalent direct and spin-off jobs. Toronto is one of the top five screen-based industries in North America providing support for services, suppliers, talent, facilities, and locations.

The local film industry stays ahead of the curve on global challenges with initiatives such as the Ontario Green Screen Initiative, addressing the climate change challenges of the industry such as pathways to lower carbon emissions, reduce waste, and adopt sustainable practices in film and TV production.

Only last year there were 419 film and TV projects including foreign and domestic productions spanning feature films, TV series, movies, and animation projects. Notable productions filmed last year in the Toronto Region include Sofia Coppola’s Priscilla, Amazon’s The Boys, and Netflix’s Ginny and Georgia.

This year is starting off no different with Amazon MGM Studios announcing a multi-year contract with Toronto’s downtown Pinewood Studios for exclusive use of their new production facilities. Pinewood Studios offers North America’s largest purpose-built stage. This deal spotlights the region’s position as a leading location for film and TV production.

Currently, there are 3.8 million square feet of stage space in Ontario. In the next few years stage space will increase by 2.4 million square feet in the Toronto Region and surrounding areas– an over 60% increase to what is currently available.  

Other sectors contributing to Toronto’s creative industries include music and creative technology such as video game design, Artificial Reality (AR), Virtual Reality (VR), Extended Reality (XR), e-sports, and VFX. Video game production is a key creative technology industry in Toronto, with most Ontario’s 298 video game companies found in the region.

Toronto is home to well-known indie studios, including Toronto Global clients Ubisoft, DNEG, and Certain Affinity. These studios employ approximately 7,000 skilled video game workers and provide indirect labour impact through spin-offs such as tourism and other industries that supply the video game industry.  

Similarly, the music industry generates $850 million annually through live music venues in Toronto and provides 10,500 jobs. Labour income created by the operations and tourism impacts of Toronto’s live music venues totals $514 million each year.

With over 75 recording studios, and more than 18,000 registered musicians, music creators, composers, beatmakers, and lyricists, Ontario holds a market share of 60% of the total Canadian GDP generated by the sector.

A Track Record of Success

Toronto’s position as a global creative hub is not only a testament to its vibrant culture but also a reflection of its economic vitality. At Toronto Global, we specialize in assisting international companies that are interested in expanding to the Toronto Region, connecting them with resources, opportunities, and talent in the city’s flourishing creative industries.

Our track record includes success stories from clients like Netflix, 88 Pictures Studios, Certain Affinity, and DNEG who have all established a presence in the region. By providing strategic support, Toronto Global empowers businesses to make their mark in our creative industries.

One thing becomes abundantly clear about Toronto’s creative economy: the city’s artistic tapestry is not just about cultural richness but also a powerful economic force driving growth and innovation.

From blockbuster film productions to groundbreaking advancements in creative technology, Toronto’s creative industries are fueling employment, investment, and innovation in the region. The future of our creative economy is shaped by our diversity, talent, and the impact we leave on the global stage.