Toronto has outshone Chicago to become the fourth largest city in North America after Mexico City, New York City and Los Angeles, the city's latest Economic Dashboard report has revealed.

The report, presented at the Economic Development Committee Tuesday, states that Chicago, which was until now in the fourth position, has moved behind to put Toronto ahead as the fourth most populous city in North America.

"These population figures are another sign confirming Toronto's steady growth," said Toronto's Mayor Rob Ford in a release. "Toronto is a desirable location for people to live and work. We are attracting people from across North America and other parts of the world."

As of July 1, 2012 the total population of the City of Toronto is estimated to be 2,791,140, according to population estimates released by Statistics Canada Feb. 6. This figure has now confirmed Toronto's ascend as the fourth largest municipality in North America.

For the last 10 years, the population of the city has been growing in a steady rate and is now growing at an annual rate of about 38,000 people.

The Economic Dashboard report also made it known that Toronto is Canada's largest city and home to a diverse ethnic population of about 2.8 million people. 

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