Toronto offers the best economic environment for young people among 35 global cities, according to a study published Monday.
The survey, commissioned by the New York-based Citi Foundation, delved into employment and growth statistics and considered the strength of government programs, educational institutions and entrepreneurial opportunities for people aged 18 to 25.
Despite youth unemployment that’s almost double the rate of the general population and a relatively low sense of optimism, Toronto placed first, beating out formidable global hubs such as New York, London, Hong Kong and Singapore.
It seems Drake was right all along. It really is “hot up in The 6.”
“It’s fair to say that Toronto punched above its weight,” said Leo Abruzzese, global director of public policy at The Economist Intelligence Unit, which was commissioned to conduct the study.
“Toronto finished higher than we would have expected based on things like how much money people make in that city.”
Each city included in the study, called Accelerating Pathways, was given a score out of 100. Rankings were based on 31 indicators, such as affordability of education, ease of opening businesses and gender gaps in wage and labour force participation. Roughly 150 young people from each city were also chosen to complete telephone and online surveys about their perceived job prospects and sense of optimism about economic growth.
The results were weighted and placed on the 100-point scale. Toronto placed first with a score of 77, placing second in government support and employment, and first in “human and social capital.”
Brandee McHale, president of the Citi Foundation, said the study was done as a response to a perceived influx of young people to cities that are growing, such as Toronto.
Important questions for the researchers were: “What can we uncover about how to ensure that cities are meeting the needs of this critical population, and how can we capture new information that helps cities to learn from one another?” McHale said.
“Ultimately, the cities that get it right for young people are going to be places that people want to live, businesses want to locate, and really will be seen as the cities of tomorrow that others aspire to be.”
The study included several cities from various regions, including Europe, Latin America, Asia, Africa and the Middle East. There is also a mix of cities in developed countries and “emerging markets.”
Abruzzese said the study found that almost half of the 5,000 survey respondents had moved to their city in the past two years, looking for work opportunities or a better standard of living. Cities such as Chicago, London and Toronto had better scores for civic engagement, while people in places like Delhi and Casablanca were more likely to start their own businesses.
He was also struck to discover that 75 per cent of respondents said they were optimistic about the economic future of their respective cities.
Speaking of Toronto, Abruzzese praised city programs like the municipal Partnership to Advance Youth Employment (PAYE), which was created in 2009 to help young people land jobs. He added that Toronto has a smaller wage gap between men and women than many other cities.
That’s great and all, but Abruzzese wouldn’t encourage a parade down Yonge St.
“Although Toronto came first, it’s not really a standout,” Abruzzese said, pointing out that all the cities in the top 10 scored higher than 70 points, while the difference between first and fifth was just 3.6 points. Toronto could get a higher score with a lower youth employment rate and a better performance in the educational institutions category.
There’s also the matter of attitude: Toronto was fifth-last (30th out of 35 cities) in its level of optimism about economic prospects.
“Toronto has come first, so all due credit for that, but there’s still quite a bit of room for improvement,” said Abruzzese.
Fair enough
http://www.thestar.com/news/gta/2015...new-study.html