Estimated reading time 2 minutes, 50 seconds.
In a key note speech to Toronto business leaders at the Toronto Region Board of Trade, Howard Eng, president and CEO of the Greater Toronto Airports Authority (GTAA) released the findings of their Global Hub Economic Impact Study that quantifies the economic value of Toronto Pearson to the local and Ontario economies.
The study showed that Toronto Pearson makes a substantial contribution to the economy and facilitates the equivalent of $35 billion, or almost 6 per cent of Ontario GDP in 2012 and 277,000 jobs. Additionally, given forecasted growth in the economy and therefore demand for aviation, it is projected that, for 2030, Toronto Pearson will facilitate economic value equivalent to almost $59 billion, or close to 7 per cent of Ontario’s GDP and support 457,000 jobs.
“Toronto Pearson plays an important role as a domestic hub, knitting Canada together. It also plays a wider role globally, and helps Canada compete,” said Eng. “These findings reinforce the importance of running Toronto Pearson as effectively as possible to support local, provincial and national business at every turn. The results also reinforce the need to plan responsibly to accommodate future growth.”
As a global hub, Toronto Pearson provides greater numbers of connecting passengers, which encourages airlines to provide more direct routes and increase frequencies on given routes, helping move people, products, goods, and services more efficiently. For passengers, time is money. Consequently, as more direct flights and frequencies are added, local communities benefit from increased choice in terms of airlines, shorter flight times and availability, as well as destinations.
The study considers direct, indirect and induced economic impacts by focusing on traditional factors including Gross Domestic Product (GDP), jobs, employment income and taxes. It also explores and explains how Toronto Pearson—as a global hub—powers international trade, opens countless opportunities, and facilitates economic growth by allowing Canadians and visitors to work together at home and abroad.
For more information about the study and its findings, information is available at www.torontopearson.com/economicimpact.
The GTAA is the operator of Toronto Pearson International Airport, handling the most airline passengers and cargo traffic of any Canadian airport. Toronto Pearson is the second busiest airport in terms of international traffic (international and transborder) in North America. In 2013, 36.1 million passengers travelled through Toronto Pearson.
