CIBC World Markets rank Toronto number one for second year in a row
Posted January 19, 2012 6:17 pm.
This article is more than 5 years old.
The CIBC World Markets says Toronto has ranked number one for a second straight year.
The ranking is due to the city showing the fastest economic momentum in the country, as of the third quarter of 2011.
To determine the ranking, the bank looked at several variables such as population growth, employment growth and housing starts.
Benjamin Tal, managing director of CIBC World Markets told 680News that out of 25 cities across Canada, Toronto’s economic diversity pushes it into top spot.
“We have government, we have finance, we have services,” he said. “If you combine all those forces you can see why this economy is able to build in its momentum and it will continue in the future.”
The bank uses a formula to determine ranking, based on nine key micro-economic variables.
“This index allows us to rank Toronto relative to many other cities and what we found is that, for the second time in a row, Toronto is in the top spot. Basically Toronto is leading the pack,” said Tal.
The city’s index of economic momentum is currently at its highest level in more than 10 years.
Toronto has been in the top five for more than six consecutive years. During the economic downturn in 2009, the city slipped to 7th place.
