It looks as if jobs may be starting to follow people back into urban centres. At least, this appears to be the trend for the Greater Toronto Area according to a new report from one of the big banks. According to its author, “New business creation, employment gains and population growth in the downtown core are now outpacing that in the surrounding suburbs, reversing a decades-long trend…” Some 4.7 million square feet of office space were added to downtown Toronto between 2000 and now, according to the report. This compares to 3.9 million square feet over the same period for all four regions surrounding Toronto (Halton, Durham, York, Peel). These regions pursued aggressive economic development strategies that cost Toronto jobs and population over the years. Banks, for example, were often found locating new office space and facilities in suburban areas. Their work forces were also keen on living in detached housing in those areas. The so-called Echo Boomers and Millennials, the future office work force, by all accounts, prefer downtown locations and this must surely also be incentivizing employers and office developers. Interesting, …if worrisome for the economic prospects of suburbia.
Toronto – a return to the core 3-page .pdf file from TD Economics
See also: (261) A great inversion [Book review]
image: French postcard via Wikimedia Commons