According to a Milken Institute study, Toronto ranks 15th while Silicon Valley continues to lead all other metropolitan regions in North America in the breadth and scope of economic activity it create through technological innovation.
“High-tech industries are an important and sustaining anchor for regions to survive the slump and to rebuild their economies around high-wage jobs,” says Ross DeVol, Director of Regional Economics at the Institute and author of the newly released report, North America’s High-Tech Economy: The Geography of Knowledge-Based Industries.
Toronto jumped 10 places from 2003, showing impressive gains in building and attracting high-tech businesses in manufacturing and reproducing of optical media, biopharmaceuticals, and medical and diagnostic laboratories.
Vancouver showed the greatest rise among the top-10 metros for software publishing, climbing from 14th place in 2003 to 9th place in 2007.
The report includes benchmarking for 2003 for metros in the United States and Canada and states in Mexico. (This was the latest available data for Mexico and the best way to ensure an accurate analysis. Mexico does not have data available at the metro level.) The 2007 benchmarking data is the latest available data for U.S. and Canadian metros.