It's great news Waterloo region is part of the Toronto bid which made the 20-city short list for Amazon's second headquarters, but don't get too excited yet, warns on economic development official.

Tony LaMantia is president and CEO of Waterloo Economic Development and headed up the Waterloo region portion of the Toronto region bid, which also includes Guelph.

Amazon released a list of 20 cities it is considering for its second headquarters. The Toronto bid was the only Canadian bid to make the list.

"There's 20 cities on there. Let's not be giddy in our assessment here," LaMantia told CBC News in an interview Thursday.

"[There's] lots of work to do and at the end of the day, it's going to be a business decision," he noted.

"Business decisions are based on sovereign risk, political environment incentives and in the case of Amazon, first and foremost, talent. And if it's just about talent, I really like our chances, but I think there's some other considerations here."

Amazon released its shortlist of 20 cities still in the running for its HQ2. It includes the Toronto bid, which also incorporates Waterloo region and Guelph. (CBC)

Ontario attracts top tech

Toronto Mayor John Tory said he was excited to see the Toronto bid made the list.

"There is no other city region in North America that can boast the same talent, the same quality of life, the same vibrancy and economic strength," Tory said in a statement.

Premier Kathleen Wynne and Minister of Economic Development and Growth Steven Del Ducaalso welcomed the news in a joint statement, noting the second headquarters could bring 50,000 to the Toronto and Waterloo region innovation corridor.

"Globally recognized technology companies have already taken notice of what Ontario has to offer. Apple, Google, IBM and Amazon already conduct [research and development] in Ontario," their statement said.

'Have to be realistic'

Amazon has said it plans to invest $5 billion US to build a new headquarters that will be about the same size as the company's headquarters in Seattle.

In the coming months, the company will review the bids in more detail and "evaluate the feasibility of a future partnership," Amazon said Thursday.

Amazon has said it will build its second headquarters in North America, but LaMantia said he thinks the political climate in the U.S., including the policies of President Donald Trump, will come into play.

"The Trump administration in particular has been going out of its way to reshore production, keep companies at home," LaMantia said.

"Think about the challenges that the Trump administration would have if HQ2 went to another country, which Canada technically is. So we have to be realistic about that."

LaMantia said he expects it will take a number of months before they know which bid is the successful one.

"The story has yet to be written, but I feel good about where we're at right now," he said.