There's been some gloomy news about Toronto of late- a looming budget crisis, deteriorating services and crumbling infrastructure come readily to mind- so it's nice to get a little sunny news for a change. Richard Florida, urban theorist and author of The Rise of the Creative Class, says Toronto has everything it needs to be a global hub of research and economic development.

Florida made the comments to a packed house of politicians, academics and business-types last night. The event celebrates Florida's arrival in Toronto as the head of UofT's new $120 million Prosperity Institute. Securing the prominent thinker is a veritable academic coup for the university and Toronto. Under Florida's direction, the institute will study how wealth is created, shared and used by people and communities around the world.

According to the Globe and Mail, Toronto is one of Florida's favourite 'creative' cities. One of his more interesting measures of competitiveness, the so-called 'gay index', suggests that a city with thriving LGBT communities are more prosperous due to their open-mindedness. By this metric alone, Toronto is doing great.

So fear not, Toronto. If Richard Florida has anything to say about it, Toronto has a bright future ahead.

Photo: Richard Florida courtesy of Creativeclass.com.