Toronto Global 2023/24
Annual
Impact Report
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2023/24 Results:
44 Total Investments — 5,527 Total Jobs — 2,647 Direct Jobs — 1,317 Indirect Jobs — 1,839 Induced Jobs — $217.5M CAD Tax Impact — $637M CAD Capital Expenditure —
Metrics to Date:
260 Investments Since Inception — 33K Total Jobs Since Inception — 16K Direct Jobs Since Inception — 8K Indirect Jobs Since Inception — 9K Induced Jobs Since Inception — $1.3B CAD Total Tax Impact — $3.46 CAD Capital Expenditure —
2023/24 Results:
44 Total Investments — 5,527 Total Jobs — 2,647 Direct Jobs — 1,317 Indirect Jobs — 1,839 Induced Jobs — $217.5M CAD Tax Impact — $637M CAD Capital Expenditure —
Metrics to Date:
260 Investments Since Inception — 33K Total Jobs Since Inception — 16K Direct Jobs Since Inception — 8K Indirect Jobs Since Inception — 9K Induced Jobs Since Inception — $1.3B CAD Total Tax Impact — $3.46 CAD Capital Expenditure —
2023/24 Results:
44 Total Investments — 5,527 Total Jobs — 2,647 Direct Jobs — 1,317 Indirect Jobs — 1,839 Induced Jobs — $217.5M CAD Tax Impact — $637M CAD Capital Expenditure —
Metrics to Date:
260 Investments Since Inception — 33K Total Jobs Since Inception — 16K Direct Jobs Since Inception — 8K Indirect Jobs Since Inception — 9K Induced Jobs Since Inception — $1.3B CAD Total Tax Impact — $3.46 CAD Capital Expenditure —
2023/24 Results:
44 Total Investments — 5,527 Total Jobs — 2,647 Direct Jobs — 1,317 Indirect Jobs — 1,839 Induced Jobs — $217.5M CAD Tax Impact — $637M CAD Capital Expenditure —
Metrics to Date:
260 Investments Since Inception — 33K Total Jobs Since Inception — 16K Direct Jobs Since Inception — 8K Indirect Jobs Since Inception — 9K Induced Jobs Since Inception — $1.3B CAD Total Tax Impact — $3.46 CAD Capital Expenditure —
Top Global Companies
Choose the Toronto Region
As Canada’s economic centre, the Toronto Region accounts for the largest share of international investment for the country. In the past two years, the Toronto Region has landed the most international investment projects. With abundant tech talent, a diverse and welcoming quality of life, and new market opportunities, top global companies are choosing the Toronto Region.
Toronto Global works with our regional partners and key organizations to increase jobs and investments across the Toronto Region. Three years in a row, over 40% of jobs created have landed in areas outside of the City of Toronto, demonstrating our commitment to the long-term success of the Toronto Region’s economy. Today, over half of Fortune 500 companies are in the Toronto Region.
Toronto Global is reporting a banner year with the following results in 2023-24: 44 investments won, 5,527 total jobs created (including 2,647 direct new jobs created, 1,317 indirect jobs, and 1,839 induced jobs) and $637 million in capital expenditure, contributing to $217.5 million in tax revenue for all levels of government.
Our mission is simple: to attract net new international investments that will have a positive and lasting economic impact on the Toronto Region. The result? A strong, bold and prosperous Canadian economy.
We are competing with the top cities in the world and winning.
Learn more about our impact.
Leadership Message
Toronto Global’s CEO Stephen Lund and Board Chair Mark Cohon speak to Toronto Global’s mission and values alongside Toronto City Councillor and Budget Chief, Shelley Carroll, with a message from Toronto Mayor Olivia Chow.
Metrics
2023/24 Results
Total Investments
44
Total Jobs*
5,527
2,647
Direct
1,317
Indirect
1,839
Induced
Capital Expenditure
Total investment amount within years 1-3 of operation
Tax Impact
Tax revenue generated across all three levels of government by new investments in 2023/24.
*Total number of jobs expected to be created within years 1-3 of operation.
Metrics to Date
Investment Projects
260
Since Inception
45
2022/23
39
2021/22
22
2020/21
49
2019/20
33
2018/19
27
2017/18
Direct Jobs
16K
Projected over 3 years
3,325
2022/23
2,439
2021/22
1,287
2020/21
2,441
2019/20
2,299
2018/19
1,199
2017/18
Total Capital Expenditure
CAD
Projected over 3 years
$920M
2022/23
$639M
2021/22
$291M
2020/21
$482M
2019/20
$300M
2018/19
$195M
2017/18
All values in CAD
Total Jobs
33K
Since inception
16K
Direct
8K
Indirect
9K
Induced
Total Tax Impact
$1.3B
CAD
Tax revenue generated across three levels of government in 2024
Jobs by Location to Date
Toronto – 10,525
Mississauga – 3,879
Remote – 488
Halton – 338
York – 276
Durham – 90
Brampton – 51
Return on Investment
(Since Launch)
Toronto Global
Employees
32
Number of Investments Per Employee
8
Number of Total Jobs
Created Per Employee
1,023
Tax Impact
Per Employee
$39.6M
CAD
Tax Revenue Generated for Every $1 of Government Funding Received
$24
CAD
Wins by Industry
ICT – 26
Business & Industrial Services – 7
Life Sciences & Health Care – 3
Construction, Real Estate & Infrastructure – 2
Advanced Manufacturing – 2
Food & Beverage – 2
Financial Services – 1
Transportation, Logistics, & Supply Chain – 1
Our Team
Toronto Global VP of Investment Attraction, Dan Henegeveld, speaks to our team’s accomplishments this year alongside York Regional Chair Wayne Emmerson and York Region’s Director of Economic Strategy, Jonathan Wheatle.
8
New team members
5
TG babies were welcomed to the world
15%
internal promotion rate
3,000+
job applications received
36%
of our staff have been with the organization for 5 years or more
2nd
consecutive year receiving a Great Place to Work (GPTW) certification
79%
overall employee satisfaction survey score
Collaboration
2023 Talent Campaign
4.2M
impressions
6,448
clicks
61
forms filled out
505
new LinkedIn followers
(14.3% increase)
Toronto Global launched a digital campaign focusing on a key driver for international business expansion: our talent. We worked directly with partners in economic development and academia to leverage assets from postsecondary institutions across the region, showcasing the Toronto Region’s immense talent base and top-notch facilities on a global stage.
The key objectives of the campaign were to:
Generate awareness of Toronto Global services and talent connections program
Leverage LinkedIn to drive users to fill the Toronto Global ‘contact us’ form
Encourage companies to connect with Toronto Global via torontoglobal.ca/talent
Identify a key advantage for international businesses, that being the Toronto Region’s diverse and highly educated talent base
Wet Labs
The unprecedented growth in the life sciences sector is spurring a boom in the global demand for all types of lab space, and the Toronto Region is no exception. This initiative focuses on wet lab space, which is in greatest demand from scaling home-grown and global life sciences companies alike in the life sciences industry that want to leverage what our region has to offer. Wet labs are at the heart of the life sciences discovery, research and development process - a sufficient supply is critical for industry growth.
In conversations with businesses, our team heard that our region’s lack of wet lab space was a potential deterrent for international companies, and we decided to do something about it. Building off the whitepaper and call to action completed in previous years, this year, we are a driving force behind the Ontario Wet Labs Coalition, a growing group of 30+ organizations across the public and private sector, that is raising awareness of the issue and committed to tackling the opportunity of creating more wet lab space.
Today, the story is changing. University of Toronto Mississauga just opened SpinUP, and new wet lab facilities are under construction in Mississauga (Spec Labs) and Toronto’s Junction neighbourhood (Seeker Labs - Catalyst), with others in pursuit, referencing Toronto Global's white paper as a key resource.
SCORE
10
projects supported
130+
company engagements
The Supply Chain Resilience, On-shoring & Expansion (SCORE) Program was an innovative approach to economic development and relies on the support of stakeholders and channel partners to deliver meaningful solutions to clients while capturing supply chain data that lead to more proactive FDI targeting. This required buy-in and close coordination from our valued economic development partners, including the cities of Toronto, Mississauga, and Brampton, as well as the regions of Durham, York, and Halton.
Since supply chains are fluid and cross municipal borders, collaboration is the key to this program’s success and essential to move the dial toward a more resilient and competitive region. Recognizing the delicateness and connectivity of critical supply chains, SCORE expanded its collaboration to five other regional Economic Development Organizations (EDOs), in Waterloo, London, Ottawa, Hamilton and the Niagara Region to support supply chain mapping projects. Lastly, SCORE partnered with the ConnectON Platform to create a publicly-available Dashboard, to aggregate Economic Development data sets in the Advanced Manufacturing, Agri-business and Tourism sectors in Ontario.
Toronto Inc
A strategic new partnership of the Toronto Region Board of Trade, Toronto Global and Destination Toronto launched to align the vital economic development activities of the three organizations.
Working closely with the City of Toronto Economic Development team, the Toronto Inc partners led consolidated and impactful Toronto activations at key events like Collision in Toronto, MedTech in Anaheim, and the global Web Summit conference in Lisbon, as well as strategic in-market sales missions. The activations and missions put into practice the partnership’s goal to bring greater alignment to promoting Toronto as a place for meetings and investment.
A special thank you to our Toronto Region funding partners: City of Toronto, Halton Region, York Region, the Ministry of Economic Development, Job, Creation and Trade and FedDev Ontario for their steadfast support.
Success Stories
Recursion
Recursion, a leading clinical stage TechBio company decoding biology to industrialize drug discovery, opened its 28,000 square-foot Toronto site last June. This R&D centre now serves as the headquarters for Recursion Canada. The opening of this enormous site represents its significant growth in Canada and its continued investment in the Toronto Region’s economy. In total, Recursion currently employs approximately 100 highly skilled employees in Canada, and the Toronto site is Recursion’s largest site outside of its global headquarters in Salt Lake City, Utah.
In January 2020, Toronto Global met with Recursion during a trip to Salt Lake City. Toronto Global’s Michael Keoshkerian walked with the Chief People Officer of Recursion back to the Recursion office after attending a conference, sparking a dialogue about the benefits of investing in Toronto and Canada.
Three years of communication ensued, culminating in Recursion's decision to invest $20 million and hire 100 employees in the Toronto Region, solidifying their presence in the region’s innovation landscape.
In partnership with Toronto Global, Recursion chose Toronto for its expansion due to the city's talented workforce, world-class research institutions, and supportive business environment, as well as its reputation as a hub for artificial intelligence.
“Toronto has long been recognized as a center for cutting-edge technology, and our investment in this vibrant city reflects our confidence in the immense potential of the burgeoning TechBio sector to drive economic growth. We are excited to collaborate with top talent in the region and accelerate the discovery of new medicines that will radically improve patients’ lives,” said Chris Gibson, Ph.D., Co-Founder and CEO of Recursion.
The Recursion team announced the opening of its Toronto site at their office on June 26th alongside the Honourable Sean Fraser, Federal Minister of Immigration, Refugees and Citizenship, the Honourable Doug Ford, Premier of Ontario, the Honourable Victor Fedeli, Minister of Economic Development Job Creation and Trade and Jennifer McKelvie, Deputy Mayor of Toronto.
The launch of Recursion's center in Toronto is a significant development for the region's tech sector and a demonstration of the area's rapid growth as a hub for TechBio innovation.
Cepheid, an American molecular diagnostics company and world-leading real-time PCR test provider opened an office in Markham in 2021 to expand its existing reach in Canada.
"We are excited to announce the opening of our offices in Markham, Ontario, to support current and new customers across Canada," said Irfaan Remtulla, Vice President of Canada Commercial Operations for Cepheid. "We are proud to deliver innovative solutions to help Canadian communities, from small medical clinics to high-volume reference laboratories and hospitals, to access the speed and accuracy of molecular diagnostics."
The biotech giant has been a partner with Ontario’s health system since 2010 and was the first approved COVID-19 test in Canada.
Throughout its journey of expansion, Toronto Global has been there every step of the way. Today, Cepheid provides diagnostic devices for more than 50 hospitals in Ontario, including Mount Sinai, St. Micheal’s, Markham Stouffville, Humber River, Scarborough General, Lakeridge Health and more.
Cepheid’s impact was exemplified in 2023 with a visit from Markham Mayor Frank Scarpitti to their newly acquired office space in Markham’s growing innovation district. Toronto Global worked alongside the City of Markham to coordinate this opportunity to present Cepheid’s advanced technology to Mayor Scarpitti.
Cepheid’s success in the Toronto Region is an example of government and business collaborating to improve the lives and well-being of Ontarians. Cepheid demonstrated a promise to democratize care, keep people out of overwhelmed hospitals, and help manage patient flows through government partnerships. These benefits would be particularly transformative in long-term care facilities as well as Indigenous and rural communities.