There are 20 cities left vying for Amazon's HQ2, and Toronto is behind only New York City, according to a new study.

Amazon's new headquarters would mean a $5-billion investment and 50,000 jobs for the city.

The study ranks the 20 cities included on Amazon's shortlist. Resonance, a consultancy firm which specializes in real estate, tourism and economic development, just released the rankings of those cities and how they perform in six key categories for the global tech player.

While New York City places first on Amazon's wishlist, so to speak, Toronto is the second most suitable site. Chicago, Northern Virginia and Los Angeles all place in the top-five.

So, why second and not first?

Two factors could hurt Toronto’s chances.

Resonance finds the city's lack of tax incentives could be problematic. And Amazon's recent announcement to add 3,000 to its Vancouver operations could fill Amazon's Canadiana quota, as it were.

Still, New York City could prove a challenging location due to the lack of available office space in the busy city.

When Amazon revealed its shortlist in January, Toronto Storeys spoke with the chair of Toronto Global’s Amazon HQ2 bid, Mark Cohon.

He told us, “We are a serious contender. I got a note from Amazon today confirming that we had made the short list, but we don’t know yet what happens next. Regardless, I think we have already won from this. It has raised Toronto’s profile around the world.”

Top 10 Performing Cities Vying For Amazon's New Headquarters

1. New York City

2. Toronto

3. Chicago

4. Miami

5. Northern Virginia

6. Montgomery County

7. Los Angeles

8. Boston

9. Austin

10. Dallas

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