Investments made to date in waterfront revitalization have already realized considerable economic returns. They’ve supported job creation and contributed to the growth of our local, provincial and national economies.
Waterfront Toronto is committed to operating in a highly transparent and accountable manner and ensuring that its investments in revitalization produce significant returns for the economies of Toronto, Ontario and Canada. To these ends, the organization commissioned an Economic Impact Analysis, examining the direct, indirect and induced impacts of its investment. The original analysis, conducted by urbanMetrics Inc. in 2009, focused on the impacts of Waterfront Toronto’s investment from 2001 through March 31, 2009. A subsequent analysis in 2010 included the corporation’s 2009/2010 fiscal year.
Significant return on investment (ROI) is already being realized on Toronto’s waterfront. ROI has taken the form of job creation and growth in our local, provincial and national economies.
Between 2001 and March 2010, Waterfront Toronto and its government partners invested more than $750 million in revitalization projects, which resulted in approximately 9,700 full-time years of employment, 70 per cent of which were in the Toronto region. The largest investment
share went to skilled workers involved in the construction of waterfront revitalization projects. Another major share of expenditures was in the professional, scientific and technical-service industries, and was related to planning, design and other necessary preliminary work.
The funding invested to date translates into $1.9 billion in total economic output to the Canadian economy. It has generated government revenues of approximately $207 million to the federal government, $143 million to the provincial government and $23 million to the City of Toronto.
Investment in waterfront revitalization has supported key industries and employment sectors. Here are some notable examples.
While the economic impact is already considerable, it will pale in comparison to the enduring benefits. Once our plans for the waterfront are more fully realized, these benefits are expected to include thousands of permanent jobs, many millions of dollars in property taxes and income taxes, and significantly increased tourism revenue.