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.

• Thirty-six per cent of Waterfront Toronto’s expenditures were in the construction industry, and have gone toward the construction of Waterfront Toronto projects, including: Canada's Sugar Beach and Sherbourne Common in East Bayfront; the flood-protection landform in West Don Lands; the Cherry Beach sports fields; the Spadina, Rees and Simcoe WaveDecks; and the Mimico and Port Union waterfront parks. Expenditures in construction support the highly skilled, high-wage jobs in this industry. Economic spinoffs from the construction industry include secondary expenditures on materials and equipment, much of which was sourced from Canadian companies.

• Approximately $224 million was directed to the professional, scientific and technical-services industry for planning, design and other preliminary work on the various waterfront precincts.

• Twenty-four per cent of expenditures supported the finance, insurance and real-estate (FIRE) sector. A total of $182 million was spent in the FIRE sector, which is by far Toronto’s biggest sector by total employment. Toronto is actively positioning itself as a global centre of finance and is directly supported by a highly respected banking and capital market regime. To date, expenses in this category largely relate to the acquisition of land for parks and community-based development.

• Waterfront revitalization investment is also close to home. The study found that 95 per cent of all of Waterfront Toronto’s expenditures were made in Ontario, and 87 per cent were made within Toronto.

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.