Annual Report 2022/23
Making an impact
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Toronto Global attracts net-new international investment that significantly contributes to the economic growth and prosperity of the Toronto Region.
We are defining impact in a number of ways – from substantial and meaningful job creation and economic investment, to filling critical market, sector and supply chain gaps throughout the region, to building the Toronto Region’s reputation as a destination for diverse, innovative and socially responsible global businesses – Toronto Global is focusing our mandate on these impactful and high value investment opportunities.
Toronto Global is riding the momentum of a record year of results in 2022-23: 45 investments-won, 3,325 direct new jobs created (approximately 7,800 total jobs, including indirect jobs) and $920 million in capital expenditures contributing $185 million in tax revenue for all levels of government. Our jobs and capex results represent new all-time annual records and have overshot the top end of our target ranges by 150 and 300 per cent respectively.
International investment is critical in driving economies, creating jobs and generating tax revenues for governments, along with establishing spin off benefits for domestic business and positive ties to immigration. Our overarching objective is to attract new, high impact, international investment that significantly contributes to the economic growth and prosperity of the Toronto Region. As a regional partnership, Toronto Global is committed to a collaborative and coordinated approach that enhances the Toronto Region’s capacity to attract investment and strengthens our global competitiveness.
Learn more about what impact means to us.
Metrics
Metrics to Date
Investment Projects
215
Since Launch
45
2022/23
39
2021/22
22
2020/21
49
2019/20
33
2018/19
27
2017/18
Direct Jobs Created
12,990
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 Jobs Created*
30,078
Projected over 3 years
Total Capital Expenditure
$2.8B
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
Tax Impact
$703M
CAD
revenue generated across 3 levels of government
*Total jobs equals direct jobs plus indirect jobs.
2022/23 Results
Total Investments
45
Working with global investors from a range of markets and industries, the Toronto Global team, assisted by our partners in the federal, provincial and municipal governments, facilitated 39 new investments in the Toronto Region in 2020/21.
Direct Jobs
3,325
Total number of jobs expected to be created within years 1-3 of operation
Capital Expenditure
$920M
CAD
Total investment amount within years 1-3 of operation
Wins by Location
416
905
Remote
Investments
Jobs
Capital Expenditure
Wins by Industry
ICT – 20
Financial Services – 7
Advanced Manufacturing – 4
Life Sciences & Health Care – 4
Business & Industrial Services – 4
Other – 4
Food & Beverage – 2
Wins by Source Market
United States
Europe & United Kingdom
Asia
Projects
Jobs
Capital Expenditure
Return on Investment
(Since Launch)
Toronto Global
Employees
37
Number of Investments
Per Employee
5.8
Number of Jobs Created
Per Employee
351
Tax Impact
Per Employee
$19M
CAD
Total Jobs Created (2017-2023)
Direct – 12,990
Indirect + Induced – 17,088
Source: Statistics Canada, Interprovincial Input-Output Model (2019), based on Toronto Global investment wins from inception to March 31st, 2023
Total GDP Contribution (2017-2023)
Ontario – $3,306,008,078
Rest of Canada – $321,768,138
All values in CAD
Source: Statistics Canada, Interprovincial Input-Output Model (2019), based on Toronto Global investment wins from inception to March 31st, 2023
Total Tax Revenue Impact by Level of Government
(2017-2023)
Federal – $362,832,213.30
Provincial – $264,791,654.32
Municipal – $75,842,620.41
All values in CAD
Source: Statistics Canada, Interprovincial Input-Output Model (2019), Table: 36-10-0221-01 and 36-10-0450-01, Thomson Reuters Personal Income Tax Calculator. Based on Toronto Global investment wins
What is the Impact?
$117M
CAD
in taxes generated annually through Toronto Global’s investment attraction initiatives.
$2.6M
CAD
in new taxes generated annually for every 100 jobs.
Marketing Metrics
Among other tactics, Toronto Global uses digital marketing to tell the Toronto Region story to international investors, encouraging them to click through and explore our website and connect with our team to learn more about the unparalleled business opportunities in the region.
Clicks
550K
In 2022/23, over 550,000 people clicked on our ads across a number of digital channels, including Google Display Network, LinkedIn and through paid Search.
Sessions
526K+
Well over half a million sessions occurred on our website in the last year.
New Users
82%
Of those visitors to our site, 82% were new users, coming from some of our key target markets: India – 253,026, China – 47,991, Brazil – 39,637, Canada – 34,021, and USA – 21,044.
Market Landing Page Performance
This past year, Toronto Global began rolling out customized landing pages targeted to investors in India, South Korea and Japan. These pages are in the investors’ language and are tailored to highlight the unique advantages the Toronto Region provides to companies in these markets. They also reflect our efforts to support the Canadian government’s Indo-Pacific Strategy objectives to expand trade, investment and supply-chain resilience from a region that will represent 50 percent of global GDP by 2040.
India Business Expansion
Canada Landing Page
14,549
Total sessions
12,647
New users
Launched in May 2022
Korea
Landing Page
572
Total sessions
420
New users
Launched in December 2022
Success Stories
The Cultivated B
The Cultivated B. (TCB), a bioengineering company that provides access to plant-based and cell-based alternative protein sources, announced the opening of its Canadian manufacturing facility and innovation hub in Burlington, Ontario. The new manufacturing facility is 130,000 square feet, covering three floors. With a budget of over $50 million to invest in this facility, TCB estimates it will have over two hundred employees within Canada in the next year.
The facility will develop and produce bioreactors up to 25,000L, as well as photobioreactors and high-precision devices for cellular agriculture and precision fermentation. This will enable other businesses to produce alternative proteins at an industrial scale, ranging from cultivated meat to pharmaceuticals to cosmetic products. The Toronto Region is home to one of North America’s largest food and beverage clusters, processing 2 billion pounds of produce and generating $41 billion annually. This facility will forge new opportunities for sector partnerships in the cluster with TCB leading the way in the cellular agriculture industry.
In its expansion to the Toronto Region, TCB has been working closely with Toronto Global, a team of experienced advisors assisting international businesses in expanding into the Toronto Region, in partnership with Invest in Canada, Halton Region, and the City of Burlington Economic Development.
“As one of the largest food and beverage ecosystems in North America, the Toronto Region is the ideal environment for nurturing talent to power the cellular agriculture and pharmaceutical industry forward,” says Stephen Lund, CEO, Toronto Global. “At Toronto Global, we are passionate about advocating for our strong and diverse region. This investment comes from a stellar year of our team’s hard work in bringing an extraordinary number of new jobs to the Toronto Region. TCB has recognized the immense opportunity in our region on the world stage, and we are proud to partner with them to support the advancement of future-forward innovation.”
“The Cultivated’s B’s investment and new manufacturing facility are game-changing for people in Burlington and the surrounding region,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “This expansion will create more good-paying jobs, boost the local economy and pave the way for future innovation in our province. Thank you for choosing Ontario.”
Snowflake
American cloud computing company Snowflake has opened its Canadian headquarters in Toronto, which also functions as one of its five global engineering hubs. Snowflake initially announced its plans to establish a physical presence in Canada at Collision 2022, with the intention to hire hundreds of engineers. The company already employs about 100 people in Canada across various roles.
Toronto Global spoke with Toronto’s Site Lead & Engineering Director, Qaiser Habib, about Snowflake’s investment and growth in the region.
What is the new office in Toronto all about?
QH: The Toronto office is one of five global Snowflake Engineering Hubs and is home to driving this vision forward through Snowflake’s Native Application Framework. This is a game-changing product that allows developers to build and run their applications natively in the Snowflake Data Cloud. The Snowflake Data Cloud is quickly becoming the place for developers to build their data-intensive apps, and it’s great to see Snowflake’s Canadian engineering team supporting this important milestone.
With so many fantastic tech hubs in North America (and around the world) why Toronto? What was it about our city that drew the company here?
QH: Toronto is ranked one of the top three best tech hubs in the world, and I truly believe that Canada is the leading destination for tech workers due to its excellent diversity and a culture that nurtures innovation. Building our office in Toronto not only allows us to tap into the world-class talent pool that calls this region home, but enables us to build strong relationships with the local tech community and some of the top universities in the Ontario region. The Toronto office will also allow us to better serve our growing Canadian customer base and partner ecosystem, extending the power of the Data Cloud and breaking down organizational silos to drive increased value across the market and various industries.
As you look to add talent to the engineering office, why is now an exciting time to join the team?
QH: The Snowflake Toronto engineering hub is still in its early stage. We have ambitious plans to grow, and engineers joining us today will work on deeply technical, cutting-edge challenges that help shape the vision of the company. In addition, they’ll get the opportunity to become part of the founding team of this site, having a say in how we shape the future, the culture, and Snowflake’s Native Apps Framework.
DNEG
