Waterloo is a special place for tech. It has unique advantages that place it among North America’s most dynamic tech hubs.
The region is home to some of Canada’s fastest-growing tech businesses, a globally renowned top tech university and multinationals like Google, SAP, Westinghouse and Bosch as well as exciting scale-ups like ApplyBoard and Arctic Wolf.
Yes, we are proud of our community.
That said, the ace up Waterloo’s sleeve is that we’re right next door to North America’s 4th largest city – Toronto – and all the incredible communities surrounding it. Together, we’re talking about a population of more than 9.1M people, which is larger than the Bay Area.
When you put Toronto, Waterloo and all these communities together you get the Toronto-Waterloo Corridor. It’s not only one of the primary drivers of Canada’s economy, but also competes alongside some of the world’s largest economic regions.
Here are five things you need to know about the Toronto-Waterloo Corridor:
Editor’s Note: This article was originally published in January 2020. Since then, it has been updated to include recent information and links.
1. One of the world’s largest tech clusters
The Toronto-Waterloo Corridor is the 3rd largest tech cluster in North America. It’s home to more than 15,000 tech companies, including 5,200+ startups and more than 343,000 employees in high-tech industries.
With more than 9.8% of the total workforce employed in tech, the Toronto-Waterloo Corridor also has a similar talent density to Silicon Valley and a much greater density than New York or Boston.
It’s not just about size – the Toronto-Waterloo Corridor stands out for quality, too. Startup Genome has recognized the Toronto-Waterloo Corridor as the #1 startup ecosystem, cleantech ecosystem and fintech ecosystem in Canada.
2. Talent for growing businesses
Speaking of workforce, the Toronto-Waterloo Corridor has an exceptional talent pipeline, with more than half a million students across 16 post-secondary institutions.
Within the Corridor we have Canada’s largest engineering school, two of Canada’s top three computer science programs, a half-dozen business schools (including three of the top ten in Canada) and the largest co-operative education program in North America.
Experienced workforce growth is important because it highlights a region’s ability to attract talent. In CBRE’s most recent Scoring Tech Talent report, Toronto’s tech workforce was ranked #4 among large tech talent markets (50k+ tech workers), while Waterloo was ranked #1 among small tech talent markets.
The report also reveals that Toronto and Waterloo rank as the third and fourth fastest-growing tech talent markets in North America. Additionally, CBRE highlights Waterloo as offering the best value in terms of cost and quality for tech talent.
Our talent pipeline and ability to attract experienced talent from around the world are the reasons why major tech companies like Google, EPAM, Meta IT, OVHcloud, Siemens and Bosch have chosen to locate here.
Did you know?
The Corridor is home to the two most innovative universities in Canada: the University of Toronto and the University of Waterloo.
Source: Maclean’s University Rankings.
3. A perfect location for B2C and B2B
Since the Toronto-Waterloo Corridor is such a tight-knit region (just 105km/65mi from Waterloo to Toronto), the whole area shares the strategic location benefits that we often herald in Waterloo.
For example, the Corridor is almost directly in the middle of America’s Eastern Seaboard and Midwest, which means equally convenient connections to New York City, Boston and Chicago, as well as Detroit, Columbus and Pittsburgh.
For B2C companies, that means access to 187+ million consumers within a one-day drive.
Right in the middle of the Corridor is Toronto Pearson International Airport – the largest airport in Canada. the second busiest in North America, serving more than 44M passengers annually to 160+ global destinations.
It’s also one of four international airports within the Corridor, including the Region of Waterloo International Airport, which serves nearly half a million passengers a year.
Last but not least, the Corridor is connected by Canada’s largest superhighway, Highway 401, and a regional rail network.
4. Diversity that makes us all stronger
Toronto is well-known as one of the most diverse and international cities on the planet and Canada is one of the world’s most welcoming countries, with one of the world’s best tech-related work permit/visa programs. In fact, more than 36% of the Corridor’s residents are foreign-born.
Our universities have also put an emphasis on international talent. For example, approximately 22% of the University of Waterloo’s undergraduate students, and 40% of their graduate students, are from outside of Canada. You’ll find a similar story at many of the Corridor’s 16 post-secondary institutions.
5. Opportunities for businesses of all shapes and sizes
Here’s the big one for businesses. The biggest differentiator between the Toronto-Waterloo Corridor and similar ecosystems across North America is our business diversity.
Toronto is a global-scale finance and business hub, ranked 7th in the world. In Waterloo, you’ll find a world-class tech hub, Canada’s largest robotics and automation cluster and a substantial manufacturing community that includes Toyota’s largest Canadian plant.
Together, the Toronto-Waterloo Corridor is part of Canada’s largest tech cluster and Canada’s largest manufacturing and automotive corridors.
The diversity of the Toronto-Waterloo Corridor’s ecosystem is truly unrivaled in North America. With a mix of industries, businesses and cost options, it’s the ideal place for companies looking to land and grow.
Get in touch with our team today.